Interpace Biosciences Announces Divestiture of New Haven CLIA lab to DiamiR
March 17 2021 - 7:30AM
Interpace Biosciences, Inc. (OTC: IDXG) announced today that
it has entered into a definitive agreement to sell its New Haven CT
CLIA certified, CAP accredited laboratory to DiamiR Biosciences,
Corp. (DiamiR). This sale is in line with previously announced
restructuring and cost reduction initiatives announced by
Interpace. Under this agreement, DiamiR will provide overflow lab
testing in support of the Company’s molecular thyroid testing
products at its main laboratory in Pittsburgh, PA. DiamiR will also
support specific Interpace assay development and validation
services on behalf of the Company for the next three quarters.
Subject to specific terms and conditions of the agreement being
met, it is anticipated that the transaction will close by the end
of April 2021.
Financial terms of this transaction have not
been announced publicly.
According to Tom Burnell, President & CEO of
Interpace, “The strategic sale of this lab is a step forward
towards our stated goal of achieving EBITDA and cash flow break
even in 2021.” He continued, “I am confident that under DiamiR’s
leadership, the New Haven Laboratory will be a strong strategic
partner that will continue to provide quality services to Interpace
while also helping to enhance the depth and breadth of our
diagnostic services.”
About DiamiR
DiamiR is a privately held molecular diagnostics
company focused on the development and commercialization of
blood-based solutions for early detection and monitoring of brain
health and other indications. DiamiR’s innovative technology is
based on targeted quantitative analysis of brain-enriched and
inflammation-associated microRNA biomarkers in blood plasma for
screening, early and differential diagnosis, enrollment of better
defined participants into clinical trials, as well as disease
progression and treatment monitoring. Its lead pipeline product,
CogniMIR™, is in late stage development as CLIA-compliant test for
the early detection and prediction of progression of mild cognitive
impairment and Alzheimer’s disease in the context of clinical
studies. More information can be found on the company’s website at
www.diamirbio.com.
About Interpace Biosciences,
Inc.
Interpace Biosciences, Inc. is a leader in
enabling personalized medicine, offering specialized services along
the therapeutic value chain from early diagnosis and prognostic
planning to targeted therapeutic applications.
Interpace Diagnostics is a fully integrated
commercial and bioinformatics business unit that 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 - 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 vs.
metastatic origin – and one test in a clinical evaluation process
(CEP), BarreGEN® for Barrett’s Esophagus.
Interpace’s Biopharma provides pharmacogenomics
testing, genotyping, biorepository and other customized services to
the pharmaceutical and biotech industries. The Biopharma business
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, and 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 Company’s ability to successfully qualify
maintain the trading of its common stock on the OTCQX® Best Market,
the Company’s ability to achieve projected cost savings and to
successfully enact corporate reprioritization measures, 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 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 Relations Edison Group
Joseph Green/Megan Paul (646) 653-7030/7034
jgreen@edisongroup.com/mpaul@edisongroup.com
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