PARSIPPANY, N.J., Jan. 3, 2017 /PRNewswire/ -- Interpace
Diagnostics Group, Inc. (NASDAQ:
IDXG)("Interpace" or the "Company"), a company that provides
clinically useful molecular diagnostic tests and pathology
services, today announced that it has entered into a securities
purchase agreement with certain institutional investors to purchase
an aggregate of 375,000 shares of common stock at a price of
$6.75 per share and an aggregate
of 255,000 pre-funded warrants to purchase common stock, at a
purchase price of $6.74 per share,
with $0.01 per share payable upon
exercise of each pre-funded warrant, in a registered direct
offering with aggregate gross proceeds of approximately
$4.2 million. The offering is
expected to close on or about January 6,
2017, subject to the satisfaction of customary closing
conditions.
Maxim Group LLC acted as exclusive placement agent for the
offering.
After deducting the placement agent's commission and other
estimated offering expenses payable by Interpace, the net proceeds
to Interpace are anticipated to be approximately $3.7 million. Interpace intends to use the
net proceeds of the offering for working capital, repayment of
indebtedness and general corporate purposes.
The securities described above are being offered under the
Company's shelf registration statement on Form S-3 (No.
333-207263), including a base prospectus, previously filed with and
declared effective by the U.S. Securities and Exchange Commission
(SEC). The securities will be offered by means of a prospectus
supplement and accompanying prospectus, forming a part of the
effective registration statement. The prospectus supplement and
accompanying prospectus related to the offering will be filed with
the SEC and will be available on the website of the SEC at
http://www.sec.gov. Electronic copies of the prospectus supplement
and accompanying prospectus also may be obtained from Maxim Group
LLC, 405 Lexington Avenue, 2nd Floor, New
York, NY 10174, at 212-895-3745. Before you invest, you
should read the prospectus supplement and the accompanying
prospectus in that registration statement and other documents
Interpace has filed or will file with the SEC for more complete
information about Interpace and the offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Interpace Diagnostics Group, Inc.
Interpace provides clinically useful molecular diagnostic tests
and pathology services for evaluating risk of cancer by leveraging
the latest technology in personalized medicine for better patient
diagnosis and management. The Company currently has three
commercialized molecular tests: PancraGen®, for the evaluation of
pancreatic cysts and assessment of risk of concomitant or
subsequent cancer; ThyGenX®, for the diagnosis of thyroid cancer
from thyroid nodules utilizing a next generation sequencing assay;
and ThyraMIR®, for the diagnosis of thyroid cancer from thyroid
nodules utilizing a proprietary gene expression assay. Interpace's
mission is to provide personalized medicine through molecular
diagnostics and innovation to advance patient care based on
rigorous science.
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995, relating to the Company's
future financial and operating performance. The Company has
attempted to identify forward looking statements by terminology
including "believes," "estimates," "anticipates," "expects,"
"plans," "projects," "intends," "potential," "may," "could,"
"might," "will," "should," "approximately" or other words that
convey uncertainty of future events or outcomes to identify these
forward-looking statements. These statements are based on current
expectations, assumptions and uncertainties involving judgments
about, among other things, future economic, competitive and market
conditions and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are
beyond the Company's control. These statements also involve known
and unknown risks, uncertainties and other factors that may cause
the Company's actual results to be materially different from those
expressed or implied by any forward-looking statement. Known and
unknown risks, uncertainties and other factors include, but are not
limited to, the Company's ability to adequately finance the
business, its ability to restructure its debt and other
obligations, its ability to find a buyer of its assets, the
market's acceptance of its molecular diagnostic tests, its ability
to secure additional business and generate higher profit margins
through sales of its molecular diagnostic tests, in-licensing or
other means, projections of future revenues, growth, gross profit
and anticipated internal rate of return on investments.
Additionally, all forward-looking statements are subject to the
risk factors detailed from time to time in the Company's periodic
filings with the SEC, including without limitation, the Annual
Report on Form 10-K filed with the SEC on March 30, 2016, as amended on April 29, 2016 and June
14, 2016, and the Quarterly Report on Form 10-Q filed with
the SEC on November 17, 2016. Because
of these and other risks, uncertainties and assumptions, undue
reliance should not be placed on these forward-looking statements.
In addition, these statements speak only as of the date of this
press release and, except as may be required by law, the Company
undertakes no obligation to revise or update publicly any
forward-looking statements for any reason.
CONTACTS:
Victor Roberts
RedChip Companies
407.644.4256, ext. 111
victor@redchip.com
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SOURCE Interpace Diagnostics Group, Inc.