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Interpace Biosciences Inc. (IDXG) is a pioneering company dedicated to enhancing patient care through state-of-the-art molecular diagnostic testing. Focused primarily on oncology, Interpace develops and provides unparalleled molecular diagnostic tests to improve diagnosis and treatment outcomes for patients facing cancer. The company leverages advanced mutational analysis to help stratify risk for thyroid, pancreatic, and other cancers, enabling healthcare providers to make more informed treatment decisions and avoid unnecessary surgeries.
Interpace's diagnostic tests are grounded in rigorous, validated science, offering high accuracy and clarity. Their innovative testing methods are designed to assess cancer risk more accurately, providing critical insights that aid in the management and progression of the disease. By delivering these cutting-edge diagnostics, Interpace is playing a crucial role in the future of molecular diagnostics.
Recently, Interpace Biosciences has been involved in several key projects to expand its diagnostic capabilities and partnerships. These efforts aim to broaden their test offerings and improve the overall reliability and efficiency of cancer diagnostics. The company is also focusing on financial stability and growth, ensuring that it continues to provide top-tier diagnostic solutions in the healthcare sector.
Interpace Biosciences' mission is to empower clinicians with the tools they need to combat cancer effectively, thereby improving patient outcomes and transforming the landscape of cancer diagnosis and treatment.
Interpace Biosciences, Inc. (OTC: IDXG) announced the sale of its New Haven, CT laboratory to DiamiR Biosciences. This move aligns with the company's restructuring and cost-saving strategies, aiming for EBITDA and cash flow break-even in 2021. DiamiR will provide overflow lab testing for Interpace’s molecular thyroid products and support assay development for the next three quarters. The transaction is expected to close by the end of April 2021, although financial terms have not been disclosed.
Interpace Biosciences announced the expansion of its partnership with XIFIN to deploy the XIFIN RPM 12 revenue cycle management solution across all diagnostics testing services. This collaboration aims to achieve significant cost savings and optimize billing and collections as the company continues to recover from disruptions caused by the COVID-19 pandemic. With routine cancer testing volumes exceeding pre-pandemic levels, the commitment to enhanced financial performance and streamlined operations is expected to strengthen Interpace’s market position.
Interpace Biosciences has secured in-network coverage for its thyroid tests, ThyGeNEXT® and ThyraMIR®, with Blue Cross Blue Shield of Illinois, effective February 25, 2021. This partnership marks a significant milestone, as BCBS of Illinois is the largest health plan in Illinois, covering over 8 million lives. Additionally, Interpace has contracts with 19 health plans nationwide, enhancing the adoption of its thyroid diagnostics. Both tests offer advanced genetic analysis for thyroid cancer, potentially benefiting millions of patients with indeterminate thyroid nodules.
On February 24, 2021, Interpace Biosciences (OTCQX: IDXG) announced it has met the requirements to trade on the OTCQX Best Market starting February 25, 2021. Previously listed on Nasdaq, the OTCQX offers cost-effective and flexible trading options. Tom Burnell, CEO, expressed optimism about this transition. OTCQX is designed for established companies meeting high financial standards and corporate governance best practices. Interpace offers personalized medicine services, including molecular diagnostic tests for cancer and pharmacogenomics testing for the pharmaceutical industry.
Interpace Biosciences (OTCQX: IDXG) announced its transition to the OTCQX Best Market, effective February 25, 2021. This move aims to enhance trading conditions and provide investors with more transparent trading opportunities. The OTCQX market requires companies to meet high financial standards and governance practices. Interpace specializes in personalized medicine, offering molecular diagnostic tests and bioinformatics services, and operates in both clinical and pharma services.
Interpace Biosciences (NASDAQ: IDXG) faces delisting from Nasdaq due to non-compliance with the $2,500,000 stockholders' equity requirement. As of January 19, 2021, stockholders' deficit was reported at approximately ($10.9) million and ($16.1) million for the first half of 2020. The company failed to execute its compliance plan by February 15, 2021. Trading will be suspended if no appeal is filed by February 25, 2021. The company is exploring qualification for trading on the OTCQX Best Market.
Interpace Biosciences (NASDAQ: IDXG) announces a strategic restructuring plan to enhance growth and shareholder value amidst challenges, including a potential Nasdaq delisting due to stockholders' equity deficits. New CEO Thomas Burnell emphasizes operational efficiencies, cost reductions of $7.2 million, and improved reimbursement strategies as key initiatives. The company aims to transition to OTCQX if delisted, allowing focus on strategic growth without minimum equity requirements. Despite the difficulties posed by COVID-19, Interpace remains committed to advancing diagnostics and therapeutics, seeking to solidify its position in personalized medicine.
Interpace Biosciences (NASDAQ: IDXG) announced the appointment of Tom Freeburg as its new Chief Financial Officer, effective February 1, 2021. Freeburg, who has been with the company since 2017, succeeds Fred Knechtel. With over 20 years of financial experience, he has previously led various financial functions at Interpace. CEO Thomas Burnell expressed confidence in Freeburg's ability to steer the company toward growth and enhance shareholder value through advanced diagnostics and personalized medicine.
Interpace Biosciences has secured an exclusive license for the Das-1 monoclonal antibody platform from Rutgers and Massachusetts General Hospital, aimed at improving risk assessment for pancreatic cysts. The Das-1 antibody shows promise in identifying cysts that may develop into cancer, boasting high sensitivity and specificity compared to existing methods. This agreement enhances the company's flagship product, PancraGEN®, which has already been used in over 40,000 assessments. The development is viewed as a significant step in personalized medicine for pancreatic cancer risk management.
Interpace Biosciences, Inc. (NASDAQ: IDXG) announced a contract with Blue Cross Blue Shield of Florida, making its ThyGeNEXT® and ThyraMIR® tests in-network services for 5 million members starting January 1, 2021. This agreement follows previous coverage established in 2018, enhancing accessibility for patients with indeterminate thyroid nodules. CEO Tom Burnell highlighted the positive trend among Blue Cross Blue Shield plans toward covering and contracting these molecular tests, which improve cancer risk assessment and decision-making.
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