Several Former Rosetta Employees and Select
Customers Also Join Interpace
Interpace Diagnostics Group, Inc. (NASDAQ: IDXG) (“Interpace” or
“the Company”), a fully integrated bioinformatics and commercial
company that provides clinically useful molecular diagnostic tests,
related first line assessments and pathology services for improved
patient diagnosis and management, today announced that it has
successfully acquired a majority of the equipment of Rosetta
Genomics’ Philadelphia laboratory through a bankruptcy auction.
Interpace acquired, for an undisclosed amount of cash, 64
select lots of laboratory assets, including freezers,
refrigerators, PCR machines, advanced slide scanning equipment as
well as laboratory supplies and specialty furniture. The laboratory
assets will further support the Company’s CLIA and CAP certified
lab expansion in its Pittsburgh, PA and New Haven, CT laboratories.
Since the bankruptcy filing of Rosetta Genomics in May 2018, the
Company has also hired several former key Rosetta employees and
select former Rosetta customers have transitioned their
accounts to Interpace’s thyroid assays. Interpace believes it
is uniquely licensed to process thyroid slide biopsies, the primary
specimen type for Rosetta’s Reveal™ product.
According to Jack Stover, President and CEO of Interpace, “We
are proud to be serving many of the former Rosetta customers and
are very pleased to have several highly-qualified Rosetta employees
join the Interpace team. The cost effective, specialty equipment we
acquired will be especially helpful as we continue to expand our
new product offerings, including our slide products even further,
under our combined ThyGeNEXT™ / ThyraMIR® assays
for indeterminate thyroid nodules.”
About Interpace Diagnostics Group,
Inc.
Interpace is a fully integrated commercial and
bioinformatics company that provides clinically useful molecular
diagnostic tests, related first line assays 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, biliary strictures and
solid masses; ThyGenX® (now 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 condition that affects over three
million people in the US and over time can progress to esophageal
cancer. The Interpace data base includes data from over 45,000
patients who have been tested using the Company’s current products,
including over 15,000 molecular tests for thyroid nodules.
Interpace has been designated by CIO Applications as one of the top
20 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
About Thyroid Nodules, ThyGenX® (now ThyGeNEXTTM)
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
now ThyGeNEXT™) and ThyraMIR®.
ThyGenX® (and now ThyGeNEXT™) 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® (and now ThyGeNEXT™) utilizes state-of-the-art
next-generation sequencing (NGS) to identify more than 100 genetic
alterations associated with papillary and follicular and medullary
thyroid carcinomas, the two most common forms of thyroid cancer.
ThyraMIR® is the first microRNA gene expression classifier.
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, and through a proprietary algorithm, provides
insight of cancer risk. Both ThyGenX® (and now ThyGeNEXT™)
and ThyraMIR® are covered by both Medicare and Commercial
insurers.
ThyGeNEXT™ is a proprietary newly expanded mutational panel for
indeterminate thyroid nodules. ThyGeNEXT™ includes numerous
additional molecular markers, gene mutations, and RNA fusions
compared to ThyGenX®. The new product represents a more
comprehensive set of indicators to not only identity malignant or
benign nodules, but also ascertain aggressiveness and other
characteristics.
About PancraGEN®
PancraGEN® is a molecular test for pancreatic
cysts and pancreaticobiliary solid lesions that, by using a small
sample of pancreatic cyst fluid or biopsy, can aid in pancreatic
cancer risk assessment. PancraGEN® is 90% accurate
in pancreatic cysts according to clinical studies, enabling
effective risk stratification of patients. Pancreatic cancer
is often difficult to diagnose in early stages and typically
spreads rapidly with signs and symptoms appearing when the cancer
is significantly advanced. Because of this, pancreatic cancer is a
leading cause of cancer deaths.
About RespriDx™
RespriDx™ is a molecular test that differentiates between new
primary lung tumors and metastasis by identifying the unique
molecular fingerprint of a tumor using a series of tumor markers
and loss of heterozygosity (LOH). Discerning whether a lung
neoplasm is the result of a newly formed tumor or metastasis is of
critical importance when determining appropriate and effective
patient management, e.g. surgery, chemotherapy, neoadjuvant
treatment, etc.
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 net 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
December 31, 2017 Annual Report on Form 10-K filed with the SEC on
March 23, 2018 and the Company’s Form 10-Q’s. 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.
CONTACTS:
Investor Relations:
Edison Group
Joseph Green/Andrew Gibson
(646) 653-7030/(646) 653-7719
jgreen@edisongroup.com/agibson@edisongroup.com
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