Interpace Diagnostics Announces Further Expansion of Thyroid Business
January 22 2019 - 6:55AM
Interpace Only Provider Validated to Offer MDx
Tests on Three Distinct Platforms
Interpace Diagnostics Group, Inc. (IDXG) announced today that it
has finalized the validation of its third specimen type for its
molecular thyroid tests ThyGeNEX™ and ThyraMIR®. Interpace has
expanded its services again to now also process specimens prepared
in formalin fixed, paraffin-embedded (FFPE) samples.
Prior to this validation, ThyGeNEXT and ThyraMIR
were the only marketed molecular products validated with both
RNARetain® and cytology slides. The Company initiated a partnering
arrangement with the Dianon Systems Inc. division of LabCorp
(NYSE:LH) and certain regional labs to provide customers with a
one-stop service for molecular testing for their indeterminate
thyroid nodules. Interpace’s validation of cytology slides led to
further expansion of its thyroid business in 2018 with former
Rosetta Genomics customers when Rosetta filed for Chapter 7
bankruptcy.
Interpace now offers the most expansive set of
choices with the FFPE sample expansion of specimen options,
enabling it to be flexible and responsive to all of its customers’
needs. This also provides an opportunity for further growth as
those physicians, who use alternate providers, find this level of
customization best suited to the manner in which they manage these
specimens and patients in their practices. Currently, LabCorp is
Interpace’s largest single thyroid customer supporting the
expansion of its platforms.
Jack E. Stover, President and CEO of Interpace
Diagnostics, stated, “We are pleased to expand our offering to
include this new option.” “As part of our growth plans, we believe
that asking our customers what is most important to them and then
being responsive is a winning strategy – this is an example of that
philosophy,” Stover continued.
About Interpace Diagnostics Group, Inc.
Interpace is a fully integrated commercial and
bioinformatics 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 improved patient diagnosis and management. The Company
currently 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 vs. metastatic origin. BarreGEN® for Barrett's Esophagus,
is currently being “soft launched” with key opinion leaders as we
continue to gather data on this assay that will assist us in
seeking favorable reimbursement as well as important clinical
information. Barrett's Esophagus is a rapidly growing diagnosis
that affects over three million people in the US and over time can
progress to esophageal cancer. The Company’s data base includes
data from over 50,000 patients who have been tested using the
Company’s current products, including over 25,000 molecular tests
for thyroid nodules. Interpace has been designated by the 2018
edition of CIO Applications as one of the top 10 companies for
providing bioinformatics solutions. Interpace’s mission is to
provide personalized medicine through molecular diagnostics,
innovation and data to advance patient care based on rigorous
science. For more information, please visit Interpace’s website at
www.interpacediagnostics.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, 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 history of losses, the Company's
ability to adequately finance the business, the market's acceptance
of its molecular diagnostic tests, its ability to retain or secure
reimbursement, 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 and its ability to maintain its NASDAQ
listing. Additionally, all forward-looking statements are subject
to the “Risk Factors” detailed from time to time in the Company's
SEC filings, including its Annual Report on Form 10-K for the
fiscal year ended December 31, 2017, filed on March 23, 2018,
Quarterly Reports on Form 10-Q and other SEC filings. 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 DiagnosticsInvestor RelationsJoseph Green
646-653-7030jgreen@edisongroup.com
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