Interpace Biosciences, Inc.

IDXG Details 

IDXG Inks a Deal with Blue Cross Blue Shield: Interpace Biosciences, Inc. (OTCQX: IDXG) is a pharmaceutical company engaged in developing and commercializing molecular diagnostic tests for early detection of cancer and using technology for personalized diagnosis and management of patients. On 25 February 2021, the company informed the market that IDXG and Blue Cross Blue Shield of Illinois, owned by Health Care Services Corporation (HCSC) inked a deal to offer both in-network status and coverage for Interpace’s molecular combination thyroid tests, named ThyGeNEXT® and ThyraMIR®.

IDXG Commences Trading on OTCQX: On 24 February 2021, the company announced that it had fulfilled all the necessary obligations for trading its common stock on the OTCQX® Best Market (“OTCQX”).  The company thereafter began to trade on OTCQX at the open of the market on February 25, 2021 under the ticker symbol “IDXG”. However, prior to this, the company traded on Nasdaq. On 16 February 2021, IDXG had received notification from the Listing Qualifications Staff of Nasdaq that they have decided to delist the company’s securities from the same, owing to its prolonged period of non-compliance with the minimum requirement of $2,500,000 stockholders’ equity as per the listing Rule 5550 (b).

IDXG Announces License Deal with Rutgers: In another update, IDXG executed a license agreement with Rutgers, for a new monoclonal antibody platform, Das-1, utilized in the risk evaluation of pancreatic tumors. The agreement will help the company to provide a widespread risk assessment tool accessible for physicians and their patients. Also, the deal would help the company to innovate and expand its clinical expertise even further.

3QFY20 Key Results: During the quarter, the company reported net revenues of $8.2 million, depicting an increase of 7% year over year. Loss from continuing operations in 3QFY20 stood at $6.2 million against $7.4 million reported in 3QFY19. Gross profit for the quarter came in at $3.045 million, up from $2.890 million reported in the year-ago period. The company exited the quarter with a cash balance of $6.1 million. The company expects 4QFY20 revenues to be in the range of $9.0 million - $10.0 million.

Key Highlights (Source: Company Reports)

Stock Details: On 24^th February 2021, the company’s securities got delisted from Nasdaq and started trading of OTCQX, thereafter. IDXG believes that the OTCQX listing would deliver better coverage to a large market, given the cost-effectiveness and flexibility of the OTCQX. The market capitalization of the company stood at ~$13.33 million as on 26 February 2021. Considering the recent listing of the stock on OTCQX, current uncertain environment led by COVID-19 and key investment risks, we suggest investors to keep an eye on the business activities and wait for a better entry level. The stock closed at $3.00, down 7.69% as on 26 February 2021. 

IDXG Daily Technical Chart (Source: Refinitiv, Thomson Reuters)

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