Interpace Diagnostics Announces Pricing of $7.0 Million Public Offering of Common Stock
January 25 2019 - 6:00AM
Interpace Diagnostics Group, Inc. (Nasdaq: IDXG) (“Interpace” or
the “Company”) today announced the pricing of an underwritten
public offering of 9,333,334 shares of its common stock at a public
offering price of $0.75 per share, less underwriting discounts and
commissions. Interpace also granted the underwriter a 30-day option
to purchase up to an additional 1,400,000 shares of its common
stock at the public offering price per share, less underwriting
discounts and commissions. Interpace expects to receive aggregate
gross proceeds of approximately $7 million from the offering,
assuming no exercise of the underwriter’s option to purchase
additional shares. The offering is expected to close on or about
January 29, 2019, subject to customary closing conditions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
Interpace intends to use the net proceeds of the
offering for working capital, capital expenditures, business
development and research and development expenditures, and
acquisition of new technologies and businesses.
A shelf registration statement on Form S-3
relating to the public offering of the shares of common stock
described above was filed with the Securities and Exchange
Commission (“SEC”) and was declared effective on October 19, 2018.
A preliminary prospectus supplement describing the terms of the
offering was filed with the SEC on January 25, 2019, and is
available on the SEC’s website located at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained, when
available, from H.C. Wainwright & Co., LLC, 430 Park Avenue,
3rd Floor, New York, NY 10022, or by calling (646) 975-6996 or by
emailing placements@hcwco.com or at the SEC’s website at
http://www.sec.gov.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities, in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful, prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Offers will be made only by means of a
prospectus supplement and the accompanying prospectus, forming a
part of the registration statement.
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 satisfaction of customary closing conditions
related to the offering, 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 that Interpace
may make with the SEC in the future, and the preliminary prospectus
supplement dated January 24, 2019. 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 Investor Relations Joseph Green
646-653-7030 jgreen@edisongroup.com
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