Interpace Biosciences Announces New $8 Million Term Loan with BroadOak Capital Partners and Repayment of Private Equity Loans
02 Novembro 2021 - 5:15PM
Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX:
IDXG) today announced that it, along with its subsidiaries, has
entered into a new $8 million term loan with BroadOak Fund V, L.P.
(“BroadOak”) (the “BroadOak Loan”). The proceeds of the BroadOak
Loan were used primarily to repay principal and interest on the
$7.5 million short-term promissory notes due to the Company’s two
private equity stockholders, Ampersand 2018 Limited Partnership
(“Ampersand”) and 1315 Capital II, L.P. (“1315 Capital”). The
BroadOak Loan was designed to extend the Company’s debt structure
and increase operating flexibility. In combination with the
recently announced $7.5 million revolving credit facility with
Comerica Bank, the Company believes it has significantly improved
its liquidity without equity dilution to shareholders.
Thomas Burnell, CEO of Interpace, commented: “We
are extremely pleased that BroadOak, an investment and investment
banking firm specializing in life sciences, has recognized the
Company’s value and prospects and has shown confidence in the
Company’s business growth strategy. We are most grateful to
Ampersand and 1315 Capital, our two largest stockholders, for their
continued support of the Company demonstrated by their willingness
to provide short-term bridge financing.”
Bill Snider, Partner of BroadOak, added: “We are
very excited to partner with Interpace and recognize the Company’s
continued turnaround efforts and path towards profitability. We are
delighted to extend the short-term financing previously provided to
the Company by Ampersand and 1315 Capital.”
The BroadOak Loan has a maturity of three years.
The BroadOak Loan is secured by a security interest in
substantially all of Interpace’s and its subsidiaries’ assets and
is subordinate to the Company’s recently established $7.5 million
revolving credit facility with Comerica Bank. The BroadOak Loan has
additional terms which will be outlined in the Company’s Form 8-K
when filed.
About Interpace Biosciences
Interpace Biosciences is an emerging leader in
enabling personalized medicine, offering specialized services along
the therapeutic value chain from early diagnosis and prognostic
planning to targeted therapeutic applications.
Clinical services, through Interpace
Diagnostics, provides clinically useful molecular diagnostic tests,
bioinformatics and pathology services for evaluating risk of cancer
by leveraging the latest technology in personalized medicine for
improved patient diagnosis and management. Interpace has five
commercialized molecular tests and one test in a clinical
evaluation program (CEP): PancraGEN® for the diagnosis and
prognosis of pancreatic cancer from pancreatic cysts; PanDNA, a
“molecular only” version of PancraGEN® that provides physicians a
snapshot of a limited number of factors; 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
versus metastatic origin. In addition, BarreGEN®, a molecular based
assay that helps resolve the risk of progression of Barrett’s
Esophagus to esophageal cancer, is currently in a CEP whereby the
Company gathers information from physicians using BarreGEN® to
assist it in gathering clinical evidence relative to the safety and
performance of the test and also providing data that will
potentially support payer reimbursement.
Pharma services, through Interpace Pharma
Solutions, provides pharmacogenomics testing, genotyping,
biorepository and other customized services to the pharmaceutical
and biotech industries. Pharma services also advances personalized
medicine by partnering with pharmaceutical, academic, and
technology leaders to effectively integrate pharmacogenomics into
their drug development and clinical trial programs with the goals
of delivering safer, more effective drugs to market more quickly,
while also improving patient care.
For more information, please visit Interpace Biosciences’
website at www.interpace.com.
About BroadOak Capital Partners
BroadOak Capital Partners is a life sciences
focused, boutique financial institution that provides direct
investment and investment banking services to companies in the
research tools and consumables, diagnostics, and biopharma services
sectors. BroadOak has led or participated in investments in more
than 50 companies across multiple funds and investment vehicles.
For more information visit www.broadoak.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 statements including,
but not limited to, the adverse impact of the COVID-19 pandemic on
the Company’s operations and revenues, the substantial doubt about
the Company’s ability to continue as a going concern, the
possibility that the Company’s estimates of future revenue, cash
flows and adjusted EBITDA may prove to be materially inaccurate,
the Company’s history of operating losses, the Company’s ability to
adequately finance its business, the Company’s ability to repay
borrowings under its $7.5 million credit facility with Comerica
Bank and its $8 million term loan with BroadOak; the Company’s
dependence on sales and reimbursements from its clinical services,
the Company’s ability to retain or secure reimbursement including
its reliance on third parties to process and transmit claims to
payers and the adverse impact of any delay, data loss, or other
disruption in processing or transmitting such claims, the Company’s
revenue recognition being based in part on estimates for future
collections which estimates may prove to be incorrect, and the
Company’s ability to remediate material weaknesses in internal
controls. Additionally, all forward-looking statements are subject
to the “Risk Factors” detailed from time to time in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2020 filed with the Securities and Exchange Commission, Current
Reports on Form 8-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.
Contacts:
Investor RelationsInterpace Biosciences,
Inc.(855)-776-6419Info@Interpace.com
Interpace Biosciences (NASDAQ:IDXG)
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