PARSIPPANY, N.J., April 20, 2017 /PRNewswire/ -- Interpace Diagnostics Group, Inc. (NASDAQ: IDXG) (the "Company" or "Interpace Diagnostics"), a fully integrated commercial company that provides clinically useful molecular diagnostic tests and pathology services for improved patient diagnosis and management, today announced that it has converted all of the Company's remaining long-term secured outstanding debt into Common Stock and no longer has any secured debt outstanding.
On March 23, 2017 the Company announced that its outstanding secured debt arising from the acquisition of RedPath Integrated Pathology, Inc. in 2014, amounting to $9.34 million was acquired for $8.9 million (95% of face value) by an institutional investor in a debt exchange for a $5.3 million secured convertible note and a $3.5 million secured note issued by the Company. On April 18, 2017 the institutional investor exchanged the $3.5 million secured note for a $3.5 million secured convertible note issued by the Company. The institutional investor has fully converted the notes into shares of the Company's common stock. The security interest has been terminated and the liens will be released upon proper termination filings.
Interpace Diagnostics' President & CEO Jack Stover commented, "We are pleased to announce that we have achieved this significant milestone in our debt restructuring plan and are now debt free with respect to any secured loans. We would like to thank our investors for their continuing support and confidence. We believe that it is a "new day" for Interpace and we look forward to executing on our strategic plans."
Maxim Group acted as the sole agent for the transaction.
About Interpace Diagnostics Group, Inc.
Interpace has three commercialized molecular tests: PancraGEN®, for the evaluation of pancreatic cysts and assessment of risk of concomitant or subsequent cancer; 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. Interpace's mission is to provide personalized medicine through molecular diagnostics and innovation to advance patient care based on rigorous science. For more information, please visit Interpace Diagnostics' 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. 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 filings with the SEC, including without limitation, the Annual Report on Form 10-K relating to our year ended December 31, 2016 filed with the SEC on March 31, 2017. 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.
Paul Kuntz, RedChip
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SOURCE Interpace Diagnostics Group, Inc.