Interpace Biosciences Announces New $7.5 Million Credit Facility with Comerica Bank

PARSIPPANY, NJ, Oct. 15, 2021 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX: IDXG) today announced that it, along with its subsidiaries, has entered into a new $7.5 Million revolving credit facility with Comerica Bank (the “Bank”). The facility matures on September 30, 2023 and allows for advances based on 80% of eligible accounts receivable plus an applicable non-formula amount consisting of $2,000,000 of additional availability at close, stepping down $250,000 per quarter beginning with the quarter ending June 30, 2022. The interest rate is equal to prime plus .50%, prime being the greater of the bank’s stated prime rate or the sum of the daily adjusting LIBOR rate, plus 2.5% per annum. The Bank will have a first priority security interest in substantially all of Interpace’s and its subsidiaries’ assets and will be senior to the existing $7.5 Million bridge loans made by the Company’s private equity investors.

Thomas Burnell, CEO of Interpace, commented: “We believe this new credit facility demonstrates confidence in our business growth strategy to deliver value to Interpace’s stockholders and will give us added flexibility to achieve our growth expectations to assist healthcare providers in the diagnosis, triage and treatment of patients. We are very pleased to work with Comerica and believe we are well positioned to continue to execute our strategic plans.” A spokesperson for Comerica added: “We are thrilled to announce our banking partnership with Interpace Biosciences. Interpace provides complex molecular analysis for the early diagnosis and treatment of cancer and we are proud to help support this incredibly important mission. Thank you to the entire Interpace team and we look forward to working together.”

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 clinical evaluation program (CEP) whereby we gather information from physicians using BarreGEN to assist us in gathering clinical evidence relative to the safety and performance of the test and also providing data that will potentially support payer reimbursement.