Interpace Diagnostics CEO Provides Corporate Update
PARSIPPANY, NJ, Oct. 10, 2018 (GLOBE NEWSWIRE) -- Interpace Diagnostics Group (NASDAQ: IDXG) is pleased to provide a corporate update to shareholders on current business activities from its Chief Executive Officer, Jack Stover.
“I would like to share my gratitude for each of you and my confidence and pride in the future of Interpace Diagnostics Group and provide you with a brief update on our current activities.
Our cash collections continue to be strong and in concert with our growth. Our previous record cash collection was in the Q1 of this fiscal year and we are confident that we will be breaking that record shortly. I am proud of our team’s progress in collections as our revenues continue to grow.
I am pleased to once again reiterate our guidance that we will exceed $20 million in revenue for 2018 and we will provide a further update when we report our Q3 results.
As CEO, my conviction that we must succeed derives from the responsibility I personally embrace to lead our Company’s business strategy. We are increasing market adoption of our molecular diagnostic tests through our expanded sales force and scientific support while also advancing tests in our pipeline to address unmet needs, such as BarreGENÒ, to determine the risk of progression to esophageal cancer in patients with Barrett’s Esophagus.
It is my philosophy that leadership is a conversation and I am keenly aware that we are not only measured by our sales, innovation and profitability but also by our share price, which is an important measure of the achievement that our Company has made and that we believe we will continue to make in the weeks, months and years to come. For this reason, I’d like to take this opportunity to directly address any potential confusion in the marketplace that has transpired since we filed a Form S-3, shelf registration statement late last week with the Securities and Exchange Commission (“SEC”).
The filing was a routine corporate activity and not specific to any financing and the Company has not entered into any financing arrangement; if we had, we would have made the appropriate and necessary filings with the SEC as well as appropriate public announcements. Our previous S-3 shelf expired on October 9th, and as a matter of business prudence, we were advised to file another in replacement.
The purpose of filing this S-3 and keeping it effective is simply to provide the flexibility to engage in strategic financing options in a cost effective and streamlined manner. However, we will only utilize this, or any financing vehicle, if needed, or warranted based on business opportunities. Upon the SEC deeming this S-3 effective, it will then be available to the Company for a maximum period of three years. Again, for clarity, the filing of this S-3 is simply a replacement of the prior S-3 that expired and it is not itself a financing. Our expectation is that at the end of the next three years we will again file another S-3, as many public companies do.
Turning to other business activity, we successfully completed the transition of certain assets of Rosetta Genomics including acquiring most of the equipment from their Philadelphia laboratory. We hired several former key Rosetta employees and many former Rosetta customers have transitioned their accounts to Interpace. Revenues from Rosetta will begin to be reflected in our Q3 financial results. We are especially pleased with the increase in our slide processing business associated with the former Rosetta customers, which is resulting in expanding thyroid assay market opportunities for us.
Last week, as previously reported, we presented data from over 300 patients in a multi-center Clinical Experience Study done to establish the utility of ThyGenXÒ and ThyraMIRÒ at the 58th Annual Meeting of the American Thyroid Association. Two distinct, well attended, presentations were made by prominent physicians focused on our registry as well as case studies. We plan to submit our data for publication in a peer reviewed journal and will be sharing summarized data with you shortly.
We are planning on holding our Q3 earnings call on Tuesday, November 13, 2018, so please mark your calendar. We will issue a formal press release with pertinent information as we get closer to that date.
I want to assure all of you that as we further establish ourselves as a leader in molecular diagnostic testing and beyond, I will be taking measures daily so that we can anticipate areas of challenge and continue to take clear and decisive actions in the best interest of our Company, customers, patients and shareholders.
Thank you all deeply for your support and I look forward to our bright future together.”
About Interpace Diagnostics Group, Inc.
Interpace is a fully integrated commercial and bioinformatics company 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. 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; ThyGenX® (now 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 45,000 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 2017 edition of CIO Applications as one of the top 20 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.
Safe Harbor Statement / Legal Disclosure
This news release may contain “forward-looking” statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks include such factors as the inability to enter into agreements with parties with whom we are in discussions, the uncertainty of consumer demand for the Company’s tests or pipeline, as well as additional risks and uncertainties that are identified and described in the Company’s SEC reports. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
The securities registered on our Form S-3 registration statement referred to above may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of the securities covered under S-3 will be made solely by means of a prospectus and an accompanying prospectus supplement relating to that offer.
CONTACTS: Interpace Diagnostics Investor Relations Joseph Green / Andrew Gibson 646-653-7030 / 7719 jgreen@edisongroup.com/ agibson@edisongroup.com
Released October 10, 2018