Interpace Diagnostics Group, Inc. (NASDAQ: IDXG), 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
