Interpace Diagnostics Designated as “Company of the Month” by G2 Intelligence
PARSIPPANY, N.J., Oct. 25, 2017 (GLOBE NEWSWIRE) -- Interpace Diagnostics Group, Inc. (NASDAQ:IDXG) (“Interpace” or “the Company”), a fully integrated commercial company that provides clinically useful molecular diagnostic tests and pathology services for improved patient diagnosis and management, announced today that G2 Intelligence, the official publication of the Laboratory Industry Report and sponsor of the G2 War College, a laboratory industry conference that brings together lab professionals from a wide variety of sectors from large, national lab companies to smaller, esoteric and molecular test providers, selected Interpace Diagnostics as the “Company of the Month for September 2017”.
The rationale for the ranking included the July 27th announcement re: Cigna’s coverage of ThyGenX; the August 10th report of an 8% increase in year-over-year second quarter revenues; the August 28th announcement of the two-year extension of the thyroid products distribution agreement with LabCorp; and the September 13th announcement of the AMA’s assignment of a new PLA code for ThyraMIR, the Company’s miRNA based classifier for indeterminate thyroid nodules. The article quoted “What do Parsippany, NJ-based Interpace Diagnostics and butter have in common? They’re both on a roll.” Runners up, according to the article, included Myriad Genetics for securing coverage for their EndoPredict product with Palmetto and Aetna, and Abbott, which secured FDA approval for use of its i-STAT Hematocrit test.
Since September, the Company also announced the launch of its test for lung cancer, MVPdx; which has now been rebranded and is now officially sold as RespriDx™.
Jack E. Stover, President and CEO of Interpace Diagnostics, stated, “We are honored that G2 Intelligence and the Laboratory Industry Report selected us as the Company of the Month. We are extremely proud of the list of accomplishments highlighted in the article and very pleased of the recognition from such a well-respected publication.”
About Thyroid Nodules, ThyGenX and ThyraMIR testing
According to the American Thyroid Association, approximately 15% to 30% of the 525,000 thyroid fine needle aspirations (FNAs) performed on an annual basis in the U.S. are indeterminate for malignancy based on standard cytological evaluation, and thus are candidates for ThyGenX and ThyraMIR.
ThyGenX and ThyraMIR reflex testing yields high predictive value in determining the presence and absence of cancer in thyroid nodules. The combination of both tests can improve risk stratification and surgical decision-making when standard cytopathology does not provide a clear diagnosis for the presence of cancer.
ThyGenX utilizes state-of-the-art next-generation sequencing (NGS) to identify more than 100 genetic alterations associated with papillary and follicular thyroid carcinomas, the two most common forms of thyroid cancer. ThyraMIR was the first microRNA gene expression classifier made commercially available. MicroRNAs are small, non-coding RNAs that bind to messenger RNA and regulate expression of genes involved in human cancers, including every subtype of thyroid cancer. ThyraMIR measures the expression of 10 microRNAs. Both ThyGenX and ThyraMIR are covered by both Medicare and Commercial insurers.
About Interpace Diagnostics Group, Inc.
Interpace Diagnostics is a fully integrated commercial 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 better patient diagnosis and management. The Company currently has five commercialized molecular tests; PancraGEN for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGenX, for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay and ThyraMIR, for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay; BarreGEN for evaluating the risk of progression to esophageal cancer in patients with Barrett’s esophagus; and now RespriDx™ for differentiating between recurring lung tumors in the same organ vs. metastasis from another organ. Interpace Diagnostics' mission is to provide personalized medicine through molecular diagnostics and innovation to advance patient care based on rigorous science.
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. The Company has attempted to identify forward looking statements by terminology including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, 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 ability to adequately finance the business, its ability to restructure its liabilities and other obligations, 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 most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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.
Interpace Diagnostics Group, Inc.
Paul Kuntz – RedChip
Released October 25, 2017