Interpace Biosciences Announces Divestiture of New Haven CLIA lab to DiamiR
Part of Company’s Site Consolidation and Cost Savings Measures
Parsippany, NJ, March 17, 2021 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. (OTC: IDXG) announced today that it has entered into a definitive agreement to sell its New Haven CT CLIA certified, CAP accredited laboratory to DiamiR Biosciences, Corp. (DiamiR). This sale is in line with previously announced restructuring and cost reduction initiatives announced by Interpace. Under this agreement, DiamiR will provide overflow lab testing in support of the Company’s molecular thyroid testing products at its main laboratory in Pittsburgh, PA. DiamiR will also support specific Interpace assay development and validation services on behalf of the Company for the next three quarters. Subject to specific terms and conditions of the agreement being met, it is anticipated that the transaction will close by the end of April 2021.
Financial terms of this transaction have not been announced publicly.
According to Tom Burnell, President & CEO of Interpace, “The strategic sale of this lab is a step forward towards our stated goal of achieving EBITDA and cash flow break even in 2021.” He continued, “I am confident that under DiamiR’s leadership, the New Haven Laboratory will be a strong strategic partner that will continue to provide quality services to Interpace while also helping to enhance the depth and breadth of our diagnostic services.”
DiamiR is a privately held molecular diagnostics company focused on the development and commercialization of blood-based solutions for early detection and monitoring of brain health and other indications. DiamiR’s innovative technology is based on targeted quantitative analysis of brain-enriched and inflammation-associated microRNA biomarkers in blood plasma for screening, early and differential diagnosis, enrollment of better defined participants into clinical trials, as well as disease progression and treatment monitoring. Its lead pipeline product, CogniMIR, is in late stage development as CLIA-compliant test for the early detection and prediction of progression of mild cognitive impairment and Alzheimer’s disease in the context of clinical studies. More information can be found on the company’s website at www.diamirbio.com.