Interpace Diagnostics Group Inc (NASDAQ:IDXG) that offers clinically useful molecular diagnostic assessments and pathology services, reported that it has finalized a securities purchase agreement with an institutional investor to buy 2 million shares of common stock priced at $0.53 a share and 1.6 million pre-funded warrants to buy common stock priced at $0.52 a share, with amount of $0.01 per share owed upon exercise of respective pre-funded warrant.
This deal was done in a recorded direct offering, and will generate gross proceeds of nearly $1.9 million. The offering is projected to close on or close to December 22, 2016, depending on the completion of closing conditions. Interpace reported that Maxim Group LLC was exclusive placement agent for this offering. After subtracting the commission of placement agent and other estimated costs payable by the company, the net proceeds are anticipated to be nearly $1.7 million. The firm seeks to use the net proceeds repayment of indebtedness, general corporate motives and for working capital.
Recently Interpace Diagnostics has introduced a multi-site trial to offer further proof of the Clinical Utility of the ThyramiR/ ThyGenX tests in accurately recognizing benign or malignancy status in unknown thyroid nodules. The main goal of the trial is to show the practical clinical utility of the assessment, i.e. the amount to which the assessments influence physician decision-making and affect patient outcomes positively. So far, the firm has conducted the combination assay on more than 5,000 subjects on behalf of more than 200 hospitals and physicians countrywide.
Contributing institutions, which were chosen depending on their specific expertise in treating and diagnosing thyroid cancer, comprise sites from the NY metropolitan region. In September, Interpace Diagnostics reported that the NY State Department of Health permitted ThyGenX™, its next-generation sequencing oncogene panel for unknown thyroid nodules, permitting firm to provide both ThyramiR and ThyGenX in New York State.