Welcome to our dedicated page for Interpace Biosciences news (Ticker: IDXG), a resource for investors and traders seeking the latest updates and insights on Interpace Biosciences stock.
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 (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.
Interpace Biosciences (NASDAQ: IDXG) will hold its Q3 2020 financial results conference call on January 21, 2021, at 4:30 p.m. ET. The call aims to provide updates on the company’s financial performance. Participants can join via dial-in numbers provided, with international options available. A webcast will also be accessible approximately two hours post-call and archived for 90 days. Interpace focuses on personalized medicine, offering diagnostic tests and services to improve cancer diagnosis and management.
Interpace Biosciences (IDXG) reported a third quarter net revenue of $8.2 million, a 7% increase year-over-year, and year-to-date revenue of $22.8 million, up 14%. The company anticipates fourth quarter revenue between $9.0 and $10.0 million, supported by improved clinical volumes and higher reimbursement rates. Additionally, a $5 million bridge loan was secured from existing investors. However, the net loss from continuing operations widened to $(6.2) million, while adjusted EBITDA improved to $(2.9) million. Upcoming shifts include vacating its New Jersey facility by March and continued reimbursement strategy enhancements.
Interpace Biosciences (NASDAQ: IDXG) announced the retirement of CEO Jack Stover effective December 31, 2020. He is succeeded by Thomas Burnell, PhD, starting December 1, 2020. Burnell brings extensive leadership experience in healthcare, previously leading companies like Boston Heart Diagnostics and Viracor-IBT Laboratories. Stover will assist during the transition until mid-2021. The board appreciates Stover's contributions, positioning the company for growth in personalized medicine through cancer diagnostics and pharma services.
On November 18, 2020, Interpace Biosciences (NASDAQ: IDXG) received notification from Nasdaq regarding a delay in filing its Form 10-Q for the quarter ending September 30, 2020. The company currently does not meet Nasdaq Listing Rule 5250(c)(1) requirements. However, this deficiency does not immediately affect its stock listing. Interpace has 60 days to submit a compliance plan and up to 180 days to file the report if granted additional time. The company is actively working to address the filing issue.
Interpace Biosciences (NASDAQ: IDXG) announces the publication of a study in Diagnostic Cytopathology, showcasing the performance of ThyGeNEXT® and ThyraMIR® in indeterminate thyroid nodules. The study reveals that their combined testing achieves a high positive predictive value (PPV) and comparable negative predictive value (NPV) against other tests. With 25% of thyroid nodule FNAs being indeterminate, this testing aids in better risk stratification for patients. Both tests are covered by Medicare and major insurers.
Interpace Biosciences, Inc. (Nasdaq: IDXG) reported a year-to-date net revenue of $14.6 million, a 19% increase compared to the prior year. However, second quarter revenue fell to $5.4 million, reflecting a 13% decrease influenced by COVID-19. Despite this, the company achieved record bookings of $9 million in pharma services. An audit found previous claims unsubstantiated. The company is managing a financial covenant violation but received a waiver and is exploring options for reinstatement. Third quarter revenue is projected between $7.5 million and $7.8 million.
Interpace Biosciences (Nasdaq: IDXG) announced the conclusion of an independent investigation by its Audit Committee regarding allegations related to employment, billing, and compliance issues. The investigation found no evidence of illegal activities, deeming the complaints unsubstantiated. This follows a notification of late filing for the Form 10-Q for Q2 2020 due to these allegations. Interpace continues its focus on personalized medicine, providing molecular diagnostic tests and pharmacogenomics services to improve patient outcomes.
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