As part of the site consolidation and cost savings measures for the company
Parsippany, NJ, March 17, 2021 (GLOBE NEWSWIRE) – Interpace Biosciences, Inc. (OTC: IDXG) today announced that it has entered into a definitive agreement to sell its New Haven CT CLIA certified and CAP accredited laboratory to DiamiR Biosciences, Corp. (DiamiR). This sale is in line with restructuring and cost reduction initiatives previously announced by Interpace. Under the agreement, DiamiR will provide overflow laboratory testing in support of the Company’s thyroid molecular test products at its main laboratory in Pittsburgh, Pennsylvania. DiamiR will also support the specific development and validation services of Interpace assays on behalf of the Company for the next three quarters. Subject to compliance with the specific terms and conditions of the agreement, the transaction is expected to be finalized by the end of April 2021.
The financial terms of this transaction have not been publicly announced.
According to Tom Burnell, President and CEO of Interpace, “The strategic sale of this lab is a step forward towards our stated goal of achieving EBITDA and balanced cash flow in 2021.” He said added, “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 helping to improve the depth and breadth of our diagnostic services.
DiamiR is a privately-held molecular diagnostics company focused on the development and commercialization of blood-based solutions for the early detection and monitoring of brain health and other indications. DiamiR’s innovative technology is based on a targeted quantitative analysis of microRNA biomarkers enriched in the brain and associated with inflammation in blood plasma for screening, early and differential diagnosis, recruitment of better-defined participants in clinical trials , as well as disease progression and treatment monitoring. Its flagship product in pipeline, CogniMIR™, is in advanced stages of development as a CLIA-compliant test for the early detection and prediction of the progression of mild cognitive impairment and Alzheimer’s disease in 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 personalized medicine, providing specialized services throughout the therapeutic value chain, from early diagnosis and prognostic planning to targeted therapeutic applications.
Interpace Diagnostics is a fully integrated business and bioinformatics unit that provides clinically useful molecular diagnostic tests, bioinformatics and pathology services to assess cancer risk by leveraging the latest technologies in personalized medicine to improve diagnosis and patient management. Interpace has four commercial molecular tests – PancraGEN® for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGeNEXT® for the diagnosis of thyroid cancer from thyroid nodules using a next-generation sequencing test; ThyraMIR® for the diagnosis of thyroid cancer from thyroid nodules using a proprietary gene expression test; and RespriDX® that differentiates primary vs metastatic lung cancer – and a test in a clinical evaluation process (CEP), BarreGEN® for Barrett’s esophagus.
Interpace’s Biopharma division provides pharmacogenomic testing, genotyping, bio-deposition and other personalized services to the pharmaceutical and biotechnology industries. The Biopharma business is also advancing personalized medicine by partnering with pharmaceutical, academic and technology leaders to effectively integrate pharmacogenomics into their drug development and clinical trial programs with the goal of bringing safer drugs to market faster. and more efficient and improve patient care.
For more information, please visit the Interpace Biosciences website at www.interpace.com.
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, concerning the future financial and operational performance of the society. The Company has attempted to identify forward-looking statements by using terms such as “believes”, “estimates”, “plans”, “expects”, “plans”, “plans”, “intends to” , “Possible”, “may”, “could”, “could”, “” could “,” will “,” should “,” about “or other words which reflect the uncertainty of future events or results to identify such 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 with accuracy and many of which are beyond the control of the Company. These statements also involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from those expressed or implied by forward-looking statements, including, but not limited to the ability of the Company to successfully qualify, maintain trading of its common shares on the Cheapest OTCQX®, the ability of the company to achieve the expected cost savings and to successfully adopt measures to re-prioritize the company, the negative impact of the COVID-19 pandemic on the operations and revenues of the company, substantial doubt as to the company’s ability to continue operating, the company’s history of operating losses, the Company’s ability to adequately finance its activities, the Company’s ability to repay its secured bridge loan $ 5 million, the Company’s dependence on sales and reimbursements of its clinical services, the Company’s ability to retain or obtain reimbursement, including its reliance on third party parties to process and transmit complaints to payers and the negative impact of any delay, loss of data or other interruption in the processing or transmission of such complaints, the recognition of the Company’s income being based in part on estimates of future recoveries, which estimates may prove to be incorrect, and the Company’s ability to remedy significant weaknesses in internal controls. In addition, 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 April 22, 2020, as amended May 29, 2020 and May 19, 2020. January. 2021, Current reports on Form 8-K and Quarterly reports on Form 10-Q and their modifications. Because of these and other risks, uncertainties and assumptions, one should not place undue reliance on these forward-looking statements. Further, these statements speak only as of the date of this press release and, except as required by law, the Company assumes no obligation to publicly revise or update any forward-looking statements for any reason. it would be.
Joseph Green / Megan Paul
(646) 653-7030 / 7034
jgreen @ edisongroup.com / mpaul @ edisongroup.com