Interpace Diagnostics Announces Further Expansion of Thyroid Business
Interpace Only Provider Validated to Offer MDx Tests on Three Distinct Platforms
PARSIPPANY, NJ, Jan. 22, 2019 (GLOBE NEWSWIRE) -- Interpace Diagnostics Group, Inc. (IDXG) announced today that it has finalized the validation of its third specimen type for its molecular thyroid tests ThyGeNEX™ and ThyraMIR®. Interpace has expanded its services again to now also process specimens prepared in formalin fixed, paraffin-embedded (FFPE) samples.
Prior to this validation, ThyGeNEXT and ThyraMIR were the only marketed molecular products validated with both RNARetain® and cytology slides. The Company initiated a partnering arrangement with the Dianon Systems Inc. division of LabCorp (NYSE:LH) and certain regional labs to provide customers with a one-stop service for molecular testing for their indeterminate thyroid nodules. Interpace’s validation of cytology slides led to further expansion of its thyroid business in 2018 with former Rosetta Genomics customers when Rosetta filed for Chapter 7 bankruptcy.
Interpace now offers the most expansive set of choices with the FFPE sample expansion of specimen options, enabling it to be flexible and responsive to all of its customers’ needs. This also provides an opportunity for further growth as those physicians, who use alternate providers, find this level of customization best suited to the manner in which they manage these specimens and patients in their practices. Currently, LabCorp is Interpace’s largest single thyroid customer supporting the expansion of its platforms.
Jack E. Stover, President and CEO of Interpace Diagnostics, stated, “We are pleased to expand our offering to include this new option.” “As part of our growth plans, we believe that asking our customers what is most important to them and then being responsive is a winning strategy – this is an example of that philosophy,” Stover continued.
About Interpace Diagnostics Group, Inc.
Interpace is a fully integrated commercial and bioinformatics company that provides clinically useful molecular diagnostic tests 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; 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 50,000 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 2018 edition of CIO Applications as one of the top 10 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.
Forward Looking Statements
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, relating to the Company's future financial and operating performance, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from those expressed or implied by any forward-looking statement. Known and unknown risks, uncertainties and other factors include, but are not limited to, the Company’s history of losses, the Company's ability to adequately finance the business, the market's acceptance of its molecular diagnostic tests, its ability to retain or secure reimbursement, its ability to secure additional business and generate higher profit margins through sales of its molecular diagnostic tests, in-licensing or other means, projections of future revenues, growth, gross profit and anticipated internal rate of return on investments and its ability to maintain its NASDAQ listing. Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company's SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed on March 23, 2018, Quarterly Reports on Form 10-Q and other SEC filings. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Released January 22, 2019