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In Brief This Week: DOJ, MDxHealth, Trinity Biotech, Mainz Biomed, Oxford Biodynamics

NEW YORK –  MDxHealth this week announced a proposed transition from a dual listing of its American Depositary Shares on the Nasdaq and its ordinary shares on Euronext Brussels to a single listing on the Nasdaq. The transaction will involve a 1-for-10 reverse stock split of its ordinary shares, while each ADS will be represented by one new share. Once the company's shares are listed on the Nasdaq, its shares on Euronext Brussels will be delisted, the firm said. MDxHealth added that consolidating trading of its securities will improve trading liquidity and reduce administrative and legal costs associated with being on two exchanges. 

The Department of Justice said this week that Georgia lab owner Minal Patel, who was recently sentenced to 27 years in prison for a $463 million lab testing fraud scheme, will forfeit $187 million in proceeds, including $30 million in personal and corporate bank accounts, luxury cars, and real estate. Patel was convicted in December 2022 of submitting fraudulent claims to Medicare between July 2016 and August 2019, including claims for medically unnecessary genetic tests. Prosecutors indicated his scheme involved convincing Medicare beneficiaries to take genetic tests that he falsely claimed were covered by Medicare and paying kickbacks and bribes to patient brokers who obtained signed doctors' orders for the tests. 

Trinity Biotech said this week that its second quarter revenues were $13.9 million compared to $18.5 million a year ago. Revenues for the most recent quarter exclude revenues from Fitzgerald Industries, which Trinity divested in April. Excluding those figures and Trinity's COVID-related PCR Viral Transport Media products, revenues for Q2 2023 were $13.7 million. Including only the clinical laboratory and point-of-care revenues, the company said revenues from a year ago were $15.4 million. Its Q2 2023 core diabetes consumables revenues grew 10 percent year over year, the firm said. Its R&D costs grew to $1.2 million in Q2 2023 from $984,000 a year ago, while its SG&A costs rose to $7.9 million from $5.9 million. It had a loss from continuing operations of $18.3 million, or $.156 per share, compared to a loss of $10.1 million, or $.286 per share, a year ago. It finished the quarter ended June 30 with $14.2 million in cash, cash equivalents and deposits. Q3 revenues are expected to be $14 million to $15 million. 

Mainz Biomed has partnered with Romanian lab firm Bioclinica to make its at-home colorectal cancer test ColoAlert available throughout Romania, the company said this week. The deal includes comarketing activities for the test, which is a PCR-based assay that analyzes tumor DNA in stool samples. 

Oxford Biodynamics said this week that it has received a Proprietary Laboratory Analysis code from the American Medical Association for the firm's recently launched prostate cancer screening test. The code will be used to secure reimbursement for the EpiSwitch Prostate Screening test, a blood-based laboratory-developed test (LDT) that is designed to be used alongside a prostate-specific antigen test and increases the accuracy of those results to 94 percent compared to 55 percent without the EpiSwitch test, the company said. Oxford Biodynamics' test uses five proprietary epigenetic biomarkers to predict whether prostate cancer is present. 

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