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In Brief This Week: Interpace Diagnostics, Enzo Biochem, HTG Molecular, CareDx, and More

NEW YORK (360Dx) – Interpace Diagnostics said this week that it has converted all of its remaining long-term secured outstanding debt into common stock. 

In March, the firm had announced that its outstanding secured debt arising from the acquisition of RedPath Integrated Pathology in 2014, and worth $9.34 million, was acquired for $8.9 million, or 95 percent of its face value, by an unnamed institutional investor. The deal involved a debt exchange for a $5.3 million secured convertible note and a $3.5 million secured note issued by Interpace.

On April 18, the institutional investor exchanged the $3.5 million secured note for a $3.5 million secured convertible note, and the investor later converted the notes into shares of Interpace's common stock.

Enzo Biochem said this week that its Enzo Clinical Labs subsidiary, a clinical laboratory with a specialty in women’s health, reached an agreement with the nation's fourth-largest health insurer to become an in-network provider serving all states with Enzo's advanced laboratory testing services. 

The firm noted that Enzo Clinical Labs began offering in-network services to the entity's 15 million insured participants on April 15.

Although Enzo Biochem wouldn't confirm that the deal is with Cigna, the health insurer is commonly regarded as the fourth-largest in the US.

HTG Molecular Diagnostics said that on April 12 it received formal notice from the Nasdaq stock market indicating that the Nasdaq Hearings Panel had granted the company's request to transfer the listing of its common stock from the Nasdaq Global Market to the Nasdaq Capital Market based upon HTG's compliance with all requirements for continued listing on the latter market. The intramarket transfer took effect upon the open of trading on April 17.

CareDx said that in a document filed with the US Securities Exchange Commission that it was unable to file its Form 10-K annual report for 2016 by the April 17 extended deadline. It added that while it intends to file the Form 10-K “as promptly as possible,” it is unable to give a definitive filing date. The company reported last month preliminary revenues of between $10.6 million and $10.9 million for the fourth quarter.

Paradigm Diagnostics has launched the Paradigm registry to allow physicians to better collect, share, and visualize data to support personalized medicine in oncology. The registry, titled "A Prospective Registry Study to Evaluate the Efficacy of Precision Molecular Testing in the Treatment of Advanced Solid Tumors," builds on the discoveries from a 2016 independent prospective study performed by the Indiana University School of Medicine in which 43 percent of patients had increased progression-free survival from Paradigm's multi-omics approach to guide therapy, compared to 5 percent of patients who did not receive the guided therapy. The Paradigm Cancer Diagnostic (PCDx) sequencing test analyzes DNA, RNA, and protein by immunohistochemisty to provide information about specific cancer pathways in tumors to enable more effective decision-making.

Thermo Fisher Scientific said this week that it is working with researchers, including those associated with the International Working Group for Antibody Validation, to help define and implement standards for antibody testing.  The firm noted that it is adopting validation standards for its Invitrogen antibody portfolio in line with the recommendations of the antibody validation group.

Applied DNA Sciences announced an agreement to supply bulk DNA for an unnamed leading chemicals company serving the in vitro diagnostics market. The agreement is for five years with quarterly shipments and includes optional three-year renewals thereafter. The firm expects the agreement to generate annual revenues of approximately $500,000 beginning in FY 2018. Applied DNA's manufacturing technology enables very-large-scale production of DNA using proprietary PCR methods.

BioGX, a Birmingham, Alabama-based developer and manufacturer of molecular diagnostic tests, has established European operations in Amsterdam. BioGX said that its EU operation will provide direct support to customers in Europe, the Middle East, and Africa through regional technical sales and field application resources.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on the 360Dx site.