PARSIPPANY, N.J., Jan. 20, 2017 /PRNewswire/ -- Interpace
Diagnostics Corp. ("Interpace" or the "Company") (NASDAQ:
IDXG), a company that provides clinically useful molecular
diagnostic tests and pathology services for evaluating risks of
cancer, announced today that the Company has entered in to an
Agreement (the "Agreement") with Best Med Opinion Ltd ("Best Med")
of Tel Aviv, Israel, a provider of
second opinion and clinical services for physicians and patients in
Israel and several other
countries.
Best Med has developed a network of specialty providers in the
U.S. and other countries to assist local physicians and patients in
ensuring all clinical options are known and explored before a
particular course of treatment is selected. Best Med has
expertise in over 40 specialties, including Ear Nose and Throat,
Endocrinology, and Gastroenterology, all focus areas for
Interpace's molecular products.
As part of the Agreement, Best Med will provide physicians
and patients with information regarding the Company's ThyGenX®,
ThyraMir®, and PancraGen® tests, and when these tests are selected
to support and inform treatment decisions, manage the logistics
associated with collecting and shipping samples to Interpace's CLIA
laboratories and report results back to the ordering
physician. The Agreement designates Best Med as the exclusive
provider of Interpace's products for the country of Israel.
No other terms of the Agreement were made available.
This Agreement is part of the Company's international expansion
to leverage the opportunities for its products outside the U.S.
market. In addition to seeing a significant domestic
opportunity for growth, the Company believes there is an increasing
opportunity for international expansion largely due to interest
expressed for access to its unique molecular diagnostic products.
In response to this growing interest, the Company has established
specific processes for logistics, specimen handling, and other key
elements to address the nuances of working with global
partners. Under the Agreement, providers in Israel will be able to order all of
Interpace's marketed molecular diagnostic products.
Best Med evaluated several molecular products in an effort to
expand their own service menu and determined that Interpace's
products best met the clinical needs of patients with potential
thyroid or pancreatic cancer. They reviewed the peer reviewed
publications and other evidence supporting the clinical validity
and utility of Interpace's tests.
Eran Lazar, CEO of Best Med
Opinion Ltd., said, "We are very enthusiastic about our partnership
with Interpace. Their products fill an important role in our
efforts to provide physicians and patients with access to the best
diagnostic tools available to help inform treatment
decisions."
Jack E. Stover, President and CEO
of Interpace, stated, "We are excited about our relationship with
Best Med. Their selection of our products and services is an
important validation of our potential to expand
internationally."
About Thyroid Nodules, ThyGenX and ThyraMIR
testing
According to the American Thyroid Association,
approximately 15% to 30% of the 525,000 thyroid fine needle
aspirations (FNAs) performed on an annual basis in the U.S. are
indeterminate for malignancy based on standard cytological
evaluation, and thus are candidates for ThyGenX and ThyraMIR.
ThyGenX and ThyraMIR reflex testing yields high predictive value
in determining the presence and absence of cancer in thyroid
nodules. The combination of both tests can improve risk
stratification and surgical decision-making when standard
cytopathology does not provide a clear diagnosis for the presence
of cancer.
ThyGenX utilizes state-of-the-art next-generation sequencing
(NGS) to identify more than 100 genetic alterations associated with
papillary and follicular thyroid carcinomas, the two most common
forms of thyroid cancer. ThyraMIR is the first microRNA gene
expression classifier. MicroRNAs are small, non-coding RNAs
that bind to messenger RNA and regulate expression of genes
involved in human cancers, including every subtype of thyroid
cancer. ThyraMIR measures the expression of 10 microRNAs.
Both ThyGenX and ThyraMIR are covered by both Medicare and
commercial insurers.
About Pancreatic Cysts and PancraGEN
PancraGEN is a pancreatic cyst molecular test that, by using a
small sample of pancreatic cyst fluid, can aid in pancreatic cancer
risk assessment. PancraGEN is 90% accurate, according to clinical
studies, enabling effective risk stratification of patients.
Pancreatic cancer is often difficult to diagnose in early stages
and typically spreads rapidly with signs and symptoms appearing
when the cancer is significantly advanced. Because of this, and
that complete surgical removal of the pancreas is not possible,
pancreatic cancer is considered a leading cause of cancer
deaths.
About Interpace Diagnostics Group, Inc.
Interpace is a company that 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 diagnosis and prognosis of pancreatic cancer from pancreatic
cysts; 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 our 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, our ability to adequately finance the business, our
ability to restructure our debt and other obligations, our ability
to meet our obligations as they become due, the market's acceptance
of our molecular diagnostic tests; our ability to secure additional
business and generate higher profit margins through sales of our
molecular diagnostic tests, in-licensing or other means,
projections of future revenues, growth, gross profit and
anticipated internal rate of return on investments and our ability
to maintain our NASDAQ listing. Additionally, all forward-looking
statements are subject to the risk factors detailed from time to
time in the Company's periodic filings with the Securities and
Exchange Commission (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:
Interpace Diagnostics Group, Inc.
Investor Relations:
Paul Kuntz – Redchip
paul@redchip.com
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SOURCE Interpace Diagnostics Corp.