Interpace Biosciences Receives Nasdaq Deficiency Notice Due to Delayed Filing of Form 10-Q; No Immediate Impact on Listing
August 20 2020 - 8:30AM
Interpace Biosciences, Inc. (“Interpace” or the “Company”) (NASDAQ:
IDXG) on August 18, 2020 received notice from the Listing
Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC
(“Nasdaq”) indicating that, due to the delay in the filing of the
Company’s Form 10-Q for the quarterly period ended June 30, 2020
(the “Form 10-Q”) with the Securities and Exchange Commission (the
“SEC”), Interpace does not currently satisfy Nasdaq Listing Rule
5250(c)(1), which requires the timely filing of all periodic
reports with the SEC. The deficiency has no immediate effect on the
listing or trading of the Company’s common stock on Nasdaq.
In accordance with the Nasdaq Listing Rules,
Interpace was provided 60 calendar days to submit its plan to
evidence compliance with the filing requirement and the Staff has
the discretion to grant Interpace up to 180 calendar days from the
SEC deadline to file the Form 10-Q based on that plan. The Company
is diligently working to file the Form 10-Q within the timeline
prescribed by Nasdaq.
About Interpace
Biosciences
Interpace Biosciences is an emerging leader in
enabling personalized medicine, offering specialized services along
the therapeutic value chain from early diagnosis and prognostic
planning to targeted therapeutic applications.
Clinical services, through Interpace
Diagnostics, provides clinically useful molecular diagnostic tests,
bioinformatics and pathology services for evaluating risk of cancer
by leveraging the latest technology in personalized medicine for
improved patient diagnosis and management. Interpace has four
commercialized molecular tests and one test in a clinical
evaluation process (CEP): PancraGEN® for the diagnosis and
prognosis of pancreatic cancer from pancreatic cysts; ThyGeNEXT®
for the diagnosis of thyroid cancer from thyroid nodules utilizing
a next generation sequencing assay; ThyraMIR® for the diagnosis of
thyroid cancer from thyroid nodules utilizing a proprietary gene
expression assay; and RespriDX® that differentiates lung cancer of
primary versus metastatic origin. In addition, BarreGEN®, a
molecular based assay that helps resolve the risk of progression of
Barrett’s Esophagus to esophageal cancer, is currently in a CEP
whereby we gather information from physicians using BarreGEN® to
assist us in gathering clinical evidence relative to the safety and
performance of the test and also providing data that will
potentially support payer reimbursement.
Pharma services, through Interpace Pharma
Solutions, provides pharmacogenomics testing, genotyping,
biorepository and other customized services to the pharmaceutical
and biotech industries. Pharma services also advances personalized
medicine by partnering with pharmaceutical, academic, and
technology leaders to effectively integrate pharmacogenomics into
their drug development and clinical trial programs with the goals
of delivering safer, more effective drugs to market more quickly,
while also improving patient care.
For more information, please visit Interpace
Biosciences’ website at www.interpace.com.
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, regarding our
beliefs and expectations relating to the filing of the Form 10-Q
and compliance with Nasdaq's listing rules. These forward-looking
statements are not guarantees of future results and are subject to
a number of risks and uncertainties, many of which are difficult to
predict and beyond our control. Important factors that may cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to, i) a
material delay in Interpace’s financial reporting and the
possibility that ongoing reviews may identify errors or control
deficiencies in Interpace’s accounting practices, ii) our ability
to regain compliance with Nasdaq listing rules regarding the late
filing of our Form 10-Q for the quarter ended June 30, 2020, (iii)
the time needed for our Audit Committee to conclude its
investigation as detailed in our Form 12b-25 filed with the
Securities and Exchange Commission on August 14, 2020, (iv) our
history of operating losses and the limited revenue generated by
our clinical and pharma services, (v) our dependence on sales and
reimbursements from our clinical services, (vi) our reliance on
third parties to process and transmit claims to payers for our
clinical services, and any delay, data loss, or other disruption in
processing or transmitting such claims could have an adverse effect
on our revenue and financial condition, vii) our revenue
recognition being based in part on our estimates for future
collections which estimates may prove to be incorrect, viii) there
is no guarantee that we will be successful in realizing revenue or
benefit from our new product line of antibody testing of the
COVID-19 virus, and (ix) our expectation that when the Form 10-Q
for the quarter ended June 30, 2020 is filed, our stockholders’
equity as of June 30, 2020 will not be in compliance with the
minimum stockholder equity requirements of the Nasdaq listing
rules. Additionally, all forward-looking statements are subject to
the “Risk Factors” detailed from time to time in the Company’s most
recent Annual Report on Form 10-K for the year ended December 31,
2019, as amended, Current Reports on Form 8-K and Quarterly Reports
on Form 10-Q. 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: Investor Relations Edison Group
Joseph Green (646) 653-7030 jgreen@edisongroup.com
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