INTERPACE BIOSCIENCES INC - IDXG STOCK NEWS

Interpace Biosciences (OTCQX: IDXG) announced a policy update from the National Correct Coding Initiative (NCCI), allowing them to bill for the ThyGeNEXT and ThyraMIR tests under the Laboratory Coverage Determination (LCD) retroactively from January 1, 2022. This decision alleviates potential financial impacts on the company for 2022, as stated by CEO Tom Burnell, who emphasized the importance of preventing beneficiary access issues for Medicare-covered thyroid testing.

Interpace Biosciences (OTCQX: IDXG) has terminated its rights offering and standby purchase agreement with 3K Limited Partnership due to a new billing policy by the Centers for Medicare & Medicaid Services (CMS). This policy disallows reimbursements for the ThyGeNEXT^® and ThyraMIR^® tests when billed together by the same provider on the same date. The company is assessing the policy's financial impact and preparing an appeal. CEO Tom Burnell expressed disappointment but emphasized efforts to secure alternative financing.

Interpace Biosciences (OTCQX: IDXG) announced the appointment of Vijay Aggarwal, Ph.D. to its Board of Directors, effective February 1, 2022. He replaces Eric B. Lev and brings over 30 years of experience in pharmaceutical services and clinical diagnostics. Dr. Aggarwal's previous roles include leadership positions at Vaxigenix and Aureon Laboratories. His expertise is expected to enhance Interpace's growth in clinical and pharmaceutical services. Thomas Burnell, CEO, expressed confidence in Dr. Aggarwal's contributions to the company's anticipated expansion in personalized medicine.

Interpace Biosciences has initiated a $30 million Rights Offering to enhance its liquidity, fund growth, and support general corporate needs. Eligible shareholders can purchase 0.75 shares of common stock at $6.65 per share, with rights expiring on February 2, 2022. A standby purchase agreement with 3K Limited Partnership ensures that unsubscribed shares will be purchased at $6.50. This move aims to secure funding for strategic investments and partnerships. Further details are outlined in the prospectus filed with the SEC.

Interpace Biosciences (OTCQX: IDXG) announced a proposed $30 million Rights Offering, effective January 10, 2022, to provide growth capital and enhance financial flexibility. Each eligible shareholder will receive non-transferable subscription rights to purchase 0.75 shares of common stock. The offering aims to fund product line acquisitions to support growth. The company anticipates securing a standby purchase agreement with 3K Limited Partnership, which owns approximately 18.7% of outstanding common shares. Details on pricing and subscription dates will be disclosed in a future release.

Interpace Biosciences reported Q3 2021 revenue of $9.5 million, a 15% increase year-over-year, with year-to-date revenue reaching $30.5 million, up 34%. The company achieved record cash collections for the second consecutive quarter and improved liquidity with a $7.5 million credit facility from Comerica Bank and a new $8 million term loan from BroadOak Fund. The firm plans a $30 million Rights Offering to maintain shareholder ownership. Despite a decline in pharma services, gross profit rose to 44% year-to-date, indicating strong operational performance.

Interpace Biosciences (OTCQX: IDXG) has secured an $8 million term loan from BroadOak Fund V, L.P. The loan aims to repay existing short-term promissory notes to private equity stockholders, enhancing the Company's liquidity without equity dilution. Coupled with a $7.5 million revolving credit facility from Comerica Bank, this financing strategy is aimed at improving operational flexibility. The BroadOak Loan has a three-year maturity and is secured by the Company's assets, emphasizing BroadOak's confidence in Interpace's growth trajectory.

Interpace Biosciences announced the granting of US Patent 11,143,657 for its PancraGEN technology, aimed at improving the diagnosis and management of pancreatic cysts. This patent enhances the molecular diagnostic capabilities of PancraGEN^®, which has been used on over 40,000 cyst samples, boasting a 90% accuracy in risk assessment. The technology aims to better handle pancreatic cancer, a leading cause of cancer deaths in the U.S. This patent solidifies Interpace’s role in personalized medicine, targeting effective cancer diagnosis and treatment solutions.

Interpace Biosciences (OTCQX: IDXG) announced on October 21, 2021 that the U.S. Patent and Trademark Office granted it a patent (U.S. PTO Number 11,118,231 B2) for using microRNAs in distinguishing benign from malignant thyroid neoplasms. This patent enhances the intellectual property portfolio of the company, particularly for its ThyraMIR® microRNA Classifier, which works alongside the ThyGeNEXT® test. This innovation aims to improve patient care by reducing unnecessary thyroid surgeries through actionable results from microRNA expression levels.