Interpace Biosciences, Inc. (NASDAQ: IDXG) (“Interpace”) a leader
in enabling personalized medicine, announced today that its Board
of Directors has appointed Tom Freeburg, Chief Accounting Officer,
as Interpace’s Chief Financial Officer (“CFO”). Mr. Freeburg
succeeds Fred Knechtel effective February 1, 2021.
Mr. Freeburg has been with Interpace since 2017
and brings over 20 years of financial and executive experience to
his new role. As Chief Accounting Officer, he has led the company's
Financial Reporting, Treasury, Financial Planning and Analysis
(FP&A), Risk Management & Insurance and Corporate
Development functions. Prior to Interpace, Tom served in senior
finance roles at several other companies, where his
responsibilities included Financial Reporting, Capital Markets,
Treasury and FP&A.
Thomas Burnell Ph.D., Chief Executive Officer of
Interpace, commented “I would like to thank Fred for his
contributions to Interpace over the last year and wish him
continued success. I would also like to congratulate Tom on his
appointment as CFO. He is a highly talented and experienced
executive who I believe will be critical to Interpace’s plans for
growth. I look forward to working with Tom to define a new
direction, purpose and vision for the Company that will drive
profitability and enhance value for patients, physicians and
shareholders alike."
“I am honored for the opportunity to help lead
Interpace in our mission to assist healthcare providers in the
diagnosis, triage and treatment of patients through advanced
diagnostics and novel therapeutics,” said Mr. Freeburg. “I look
forward to driving the next phase of Interpace’s success as we
continue to seek ways to increase patient access to our diagnostic
technologies and pharma services, expand the impact we have in the
continuum of quality patient care and increase value for our
shareholders.”
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
clinical evaluation program (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, 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
statements including, but not limited to, the adverse impact
of the COVID-19 pandemic on the Company’s operations and revenues,
the substantial doubt about the Company’s ability to continue as a
going concern, the Company’s history of operating losses, the
Company’s ability to adequately finance its business, the Company’s
ability to repay its $5M secured bridge loan, the Company’s ability
to maintain its Nasdaq listing in light of its failure to meet
minimum stockholder equity requirements as of June 30, 2020, as
well as the increased difficulty in meeting the minimum
stockholders’ equity requirement as a result of its recently
reported impairment charges and amortization expense, the Company’s
dependence on sales and reimbursements from its clinical services,
the Company’s ability to retain or secure reimbursement including
its reliance on third parties to process and transmit claims to
payers and the adverse impact of any delay, data loss, or other
disruption in processing or transmitting such claims, the Company’s
revenue recognition being based in part on estimates for future
collections which estimates may prove to be incorrect, and the
Company’s ability to remediate material weaknesses in internal
controls. 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 filed on April 22, 2020, as
amended on May 29, 2020 and January 19, 2021, Current Reports on
Form 8-K and Quarterly Reports on Form 10-Q and amendments thereto.
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 RelationsEdison Group Joseph
Green/Megan Paul (646)
653-7030/7034jgreen@edisongroup.com/mpaul@edisongroup.com
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