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Interpace Biosciences, Inc. (IDXG)

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Previous Close7.73
Open7.75
Bid0.00 x 800
Ask0.00 x 800
Day's Range7.50 - 8.50
52 Week Range2.57 - 8.50
Volume53,243
Avg. Volume173,847
Market Cap34.13M
Beta (5Y Monthly)0.90
PE Ratio (TTM)N/A
EPS (TTM)-7.32
Earnings DateJan 21, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est9.00
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  • Interpace Biosciences Announces New PLA Code and Medicare Reimbursement Increase for Proprietary Thyroid Assay, ThyGeNEXT®
    GlobeNewswire

    Interpace Biosciences Announces New PLA Code and Medicare Reimbursement Increase for Proprietary Thyroid Assay, ThyGeNEXT®

    Parsippany, NJ, April 05, 2021 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX: IDXG) announced today that Novitas, its Medicare Administrative Contractor, has agreed to recognize the new Proprietary Laboratory Analysis (PLA) code that specifically identifies ThyGeNEXT® as a distinct test from any other test or service. PLA codes are an addition to the current procedural terminology (CPT®) code set approved by the American Medical Association CPT® Editorial Panel. PLA codes are alpha-numeric CPT codes with a corresponding descriptor for labs that want to more specifically identify their test. The new PLA code for ThyGeNEXT® is 0245U and the reimbursement for this code remains $2,919, representing a significant price increase over the prior reimbursement level of $560. In December, 2020, Novitas issued a new local coverage determination (LCD) for ThyGeNEXT® that reflects the test’s enhanced mutation panel. In 2020, Interpace processed approximately 15,000 ThyGeNEXT® tests for over 700 physicians. Further information regarding the billing and coding article related to this change is available on the Centers for Medicare & Medicaid Services (CMS) website under Biomarkers for Oncology (A52986). The change to the code will be officially published on-line when Novitas updates their website April 22nd, 2021. According to Tom Burnell, President & CEO of Interpace, “This is an important milestone for our Company; it not only demonstrates the enhanced value that ThyGeNEXT® provides physicians and their patients, but recognizes the enhancements made to the assay since it was first developed and launched.” He continued “This newly established code will also provide incremental financial value to the Company as we roll out the new code and its associated fee.” About ThyGeNEXT® and ThyraMIR® ThyGeNEXT® utilizes state-of-the-art next-generation sequencing (NGS) to identify more than 100 genetic alterations associated with papillary and follicular thyroid carcinomas, the two most common forms of thyroid cancer, as well as Medullary Thyroid Carcinoma. ThyraMIR® is the first microRNA gene expression classifier. MicroRNAs are small, non-coding RNAs that bind to messenger RNA and regulate expression of genes involved in human cancers, including every subtype of thyroid cancer. ThyraMIR® measures the expression of 10 microRNAs. Both ThyGeNEXT® and ThyraMIR® are covered by Medicare and Commercial insurers, with more than 280 million members covered. According to the American Thyroid Association, approximately 20% of the 525,000 thyroid fine needle aspirations (FNAs) performed on an annual basis in the U.S. are indeterminate for malignancy based on standard cytological evaluation, and thus are candidates for ThyGeNEXT® and ThyraMIR®. ThyGeNEXT® and ThyraMIR® reflex testing yields high predictive value in determining the presence and absence of cancer in thyroid nodules. The combination of both tests can improve risk stratification and surgical decision-making when standard cytopathology does not provide a clear diagnosis. 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 process (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. Pharma services, through Interpace Pharma Solutions, provides pharmacogenomics testing, genotyping, biorepository and other customized services to the pharmaceutical and biotech industries. Pharma services also advances personalized medicine by partnering with pharmaceutical, academic, and technology leaders to effectively integrate pharmacogenomics into their drug development and clinical trial programs with the goals of delivering safer, more effective drugs to market more quickly, while also improving patient care. For more information, please visit Interpace Biosciences’ website at www.interpace.com. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, relating to the Company’s future financial and operating performance. The Company has attempted to identify forward looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statements including, but not limited to, the adverse impact of the COVID-19 pandemic on the Company’s operations and revenues, the substantial doubt about the Company’s ability to continue as a going concern, the possibility that the Company’s estimates of future revenue may prove to be materially inaccurate, the Company’s history of operating losses, the Company’s ability to adequately finance its business, the Company’s ability to repay its $5M secured bridge loan, the Company’s dependence on sales and reimbursements from its clinical services, the Company’s ability to retain or secure reimbursement including its reliance on third parties to process and transmit claims to payers and the adverse impact of any delay, data loss, or other disruption in processing or transmitting such claims, the Company’s revenue recognition being based in part on estimates for future collections which estimates may prove to be incorrect, and the Company’s ability to remediate material weaknesses in internal controls. Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 to be filed with the Securities and Exchange Commission , Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. Contacts:Investor RelationsEdison GroupJoseph Green/ Megan Paul(646) 653-7030/7034jgreen@edisongroup.com/mpaul@edisongroup.com

  • Interpace Biosciences Announces Full Year and Fourth Quarter 2020 Financial and Business Results
    GlobeNewswire

    Interpace Biosciences Announces Full Year and Fourth Quarter 2020 Financial and Business Results

    2020 Full Year Net Revenue of $32.4 Million Up 34% vs Prior Year; Fourth Quarter Net Revenue of $9.6M Million Up 129% vs Prior Year; Provides Full Year 2021 Range of RevenuesOn Target to Achieve EBITDA Breakeven by 2021 Year End PARSIPPANY, NJ, March 31, 2021 (GLOBE NEWSWIRE) -- Interpace Biosciences, Inc. (“Interpace” or the “Company”) (OTCQX: IDXG) today announced financial results for the fiscal quarter ended December 31, 2020 and provided a business and financial update. “Fiscal 2020 was a challenging and transformational year for Interpace Biosciences. Since joining the company as President and CEO in December, we’ve made significant progress in our restructuring and reprioritization plan and are on target to realize our goal of achieving annualized savings of approximately $7.2 million from changes to our cost structure,” said CEO Thomas Burnell. “We are now operating the clinical services business solely out of the Pittsburgh location and the pharma services business solely out of our new state-of-the-art lab in Morrisville, NC. As we move further into 2021 with the renewed focus on our core capabilities, we expect to see significant improvements through the use of automation technology and to achieve further improvements in overall efficiency with the renovation of the clinical lab in Pittsburgh,” added Mr. Burnell. “As we progress forward in Fiscal 2021, we are realizing the positive impact of our recently improved reimbursement rates and seeing significant growth in our clinical services testing volume,” stated Tom Freeburg, CFO of Interpace. “We are providing full year revenue guidance in the range of $38 million to $40 million and with a goal of achieving EBITDA breakeven before 2021 year-end,” added Mr. Freeburg. Full-Year 2020 Financial Performance as Compared to Full-Year 2019 Net Revenue was $32.4 million, an increase of 34% versus the prior year which included pharma services net revenue starting in the third quarter of 2019.Gross Profit was 33% and 34% for full years 2020 and 2019, respectively.Loss from Continuing Operations was approximately $(26.2) million as compared to $(26.7) million for the prior year.Adjusted EBITDA was $(15.4) million as compared to $(16.6) million for the prior year. Fourth Quarter 2020 Financial Performance as Compared to the Fourth Quarter of 2019 Net Revenue was $9.6 million, an increase of 129% vs fourth quarter 2019.Gross Profit was 32% for the fourth quarter 2020, vs -28% for the fourth quarter 2019.Loss from Continuing Operations was $(8.1) million vs $(10.6) million in the fourth quarter 2019.Adjusted EBITDA was $(4.1) million vs $(9.2) million in the fourth quarter 2019.December 31, 2020 cash balance was $2.8 million, net of restricted cash. March 15, 2021 cash balance was $3.4 million, net of restricted cash. Recent Clinical and Reimbursement Highlights We continue to generate and publish clinical evidence related to our key products, including ThyGeNEXT® and ThyraMIR® and PancraGEN® as well as our pipeline product, BarreGEN®. Reimbursement expansion for our clinical services through 2020 is as follows: In December 2020, we executed an agreement with Regence Blue Cross Blue Shield of Washington State, Utah, Oregon, and Idaho.In December 2020, we executed an agreement with HealthNow New York, parent company of Blue Cross Blue Shield of Western New York, and Blue Cross Blue Shield of Northeastern New York.In December, 2020, we executed an agreement with Florida Blue/Blue Cross Blue Shield of Florida, which was effective January 1, 2021.In December 2020, Medicare increased reimbursement for our ThyGeNEXT® test from $600 to $2,900. We began realizing reimbursement at this higher rate starting in January 2021. 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 process (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. Pharma services, through Interpace Pharma Solutions, provides pharmacogenomics testing, genotyping, biorepository and other customized services to the pharmaceutical and biotech industries. Pharma services also advances personalized medicine by partnering with pharmaceutical, academic, and technology leaders to effectively integrate pharmacogenomics into their drug development and clinical trial programs with the goals of delivering safer, more effective drugs to market more quickly, while also improving patient care. For more information, please visit Interpace Biosciences’ website at www.interpace.com. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, relating to the Company’s future financial and operating performance. The Company has attempted to identify forward looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statements including, but not limited to, the adverse impact of the COVID-19 pandemic on the Company’s operations and revenues, the substantial doubt about the Company’s ability to continue as a going concern, the possibility that the Company’s estimates of future revenue may prove to be materially inaccurate, the Company’s history of operating losses, the Company’s ability to adequately finance its business, the Company’s ability to repay its $5M secured bridge loan, the Company’s dependence on sales and reimbursements from its clinical services, the Company’s ability to retain or secure reimbursement including its reliance on third parties to process and transmit claims to payers and the adverse impact of any delay, data loss, or other disruption in processing or transmitting such claims, the Company’s revenue recognition being based in part on estimates for future collections which estimates may prove to be incorrect, and the Company’s ability to remediate material weaknesses in internal controls. Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 to be filed with the Securities and Exchange Commission , Current Reports on Form 8-K and Quarterly Reports on Form 10-Q. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. Contacts:Investor RelationsEdison GroupJoseph Green/ Megan Paul(646) 653-7030/7034jgreen@edisongroup.com/mpaul@edisongroup.com INTERPACE BIOSCIENCES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (Unaudited) Three Months Ended Years Ended December 31, December 31, 2020 2019 2020 2019 Revenue, net $9,646 $4,214 $32,398 $24,220 Cost of revenue 6,517 5,399 21,673 15,888 Gross Profit 3,129 (1,185) 10,725 8,332 Sales and marketing 2,478 2,990 9,254 11,116 Research and development 673 778 2,795 2,810 General and administrative 7,288 4,748 20,770 14,363 Acquisition related expense - - - 2,534 Acquisition amortization expense 1,115 1,115 4,461 3,989 Change in fair value of contingent consideration (489) (44) (489) (44)Total operating expenses 11,065 9,587 36,791 34,768 Operating loss (7,936) (10,772) (26,066) (26,436)Interest accretion expense (135) (109) (549) (440)Other (expense) income, net (6) 209 467 196 Loss from continuing operations before tax (8,077) (10,672) (26,148) (26,680)Provision for income taxes 10 (47) 53 (28)Loss from continuing operations (8,087) (10,625) (26,201) (26,652) Loss from discontinued operations, net of tax (56) (38) (250) (88) Net loss (8,143) (10,663) (26,451) (26,740)Less adjustment for preferred stock deemed dividend - - (3,033) - Less dividends on preferred stock - (354) - (429)Net loss attributable to common stockholders $(8,143) $(11,017) $(29,484) $(27,169) Basic and diluted loss per share of common stock: From continuing operations $(2.00) $(2.86) $(7.26) $(7.23)From discontinued operations (0.01) (0.01) (0.06) (0.02)Net loss per basic share of common stock $(2.01) $(2.87) $(7.32) $(7.25) Weighted average number of common shares and common share equivalents outstanding: Basic 4,043 3,834 4,029 3,746 Diluted 4,043 3,834 4,029 3,746 Selected Balance Sheet Data ($ in thousands) December 31, December 31, 2020 2019 Cash and cash equivalents $2,772 $2,321 Total current assets 14,122 16,510 Total current liabilities 18,233 17,292 Total assets 45,681 51,540 Total liabilities 28,228 29,847 Total stockholders’ deficit (29,083) (4,479) Selected Cash Flow Data ($ in thousands) For the Years Ended December 31, 2020 2019 Net loss $(26,451) $(26,740) Net cash used in operating activities $(14,579) $(18,957)Net cash used in investing activities (1,575) (13,947)Net cash provided by financing activities 16,605 29,157 Change in cash and cash equivalents 451 (3,747)Cash and equivalents, Beginning 2,321 6,068 Cash and equivalents, Ending $2,772 $2,321 Non-GAAP Financial Measures In addition to the United States generally accepted accounting principles, or GAAP, results provided throughout this document, we have provided certain non-GAAP financial measures to help evaluate the results of our performance. We believe that these non-GAAP financial measures, when presented in conjunction with comparable GAAP financial measures, are useful to both management and investors in analyzing our ongoing business and operating performance. We believe that providing the non-GAAP information to investors, in addition to the GAAP presentation, allows investors to view our financial results in the way that management views financial results. In this document, we discuss Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA is a metric used by management to measure cash flow of the ongoing business. Adjusted EBITDA is defined as income or loss from continuing operations, plus depreciation and amortization, acquisition related expenses, transition expenses, non-cash stock based compensation and ESPP plans, interest and taxes, and other non-cash expenses including asset impairment costs, bad debt expense, receipt of stimulus grants, loss on extinguishment of debt, goodwill impairment and change in fair value of contingent consideration, and warrant liability. The table below includes a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure. Reconciliation of Adjusted EBITDA (Unaudited)($ in thousands) Quarters Ended Years Ended December 31, December 31, 2020 2019 2020 2019 Loss from continuing operations (GAAP Basis) $(8,087) $(10,625) $(26,201) $(26,652)Bad debt expense 335 - 585 499 Acquisition related expense - - - 2,534 Receipt of HHS stimulus grant - - (650) - Transition expenses 1,780 - 2,578 836 Legal and professional services - - 495 - Depreciation and amortization 1,399 1,360 5,501 4,524 Stock-based compensation 861 289 2,242 1,535 Taxes 10 (47) 53 (28)Interest accretion expense 135 109 549 440 Mark to market on warrant liability 1 (244) (61) (279)Change in fair value of contingent consideration (489) (44) (489) (44)Adjusted EBITDA $(4,055) $(9,202) $(15,398) $(16,635)

  • Interpace Biosciences Announces Divestiture of New Haven CLIA lab to DiamiR
    GlobeNewswire

    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.” About DiamiR 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. About Interpace Biosciences, Inc. Interpace Biosciences, Inc. is a leader in enabling personalized medicine, offering specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications. Interpace Diagnostics is a fully integrated commercial and bioinformatics business unit that 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 four commercialized molecular tests - PancraGEN® for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; 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 vs. metastatic origin – and one test in a clinical evaluation process (CEP), BarreGEN® for Barrett’s Esophagus. Interpace’s Biopharma provides pharmacogenomics testing, genotyping, biorepository and other customized services to the pharmaceutical and biotech industries. The Biopharma business also advances personalized medicine by partnering with pharmaceutical, academic, and technology leaders to effectively integrate pharmacogenomics into their drug development and clinical trial programs with the goals of delivering safer, more effective drugs to market more quickly, and improving patient care. For more information, please visit Interpace Biosciences’ website at www.interpace.com. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, relating to the Company’s future financial and operating performance. The Company has attempted to identify forward looking statements by terminology including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. These statements also involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to be materially different from those expressed or implied by any forward-looking statements including, but not limited to, the Company’s ability to successfully qualify maintain the trading of its common stock on the OTCQX® Best Market, the Company’s ability to achieve projected cost savings and to successfully enact corporate reprioritization measures, the adverse impact of the COVID-19 pandemic on the Company’s operations and revenues, the substantial doubt about the Company’s ability to continue as a going concern, the Company’s history of operating losses, the Company’s ability to adequately finance its business, the Company’s ability to repay its $5M secured bridge loan, the Company’s dependence on sales and reimbursements from its clinical services, the Company’s ability to retain or secure reimbursement including its reliance on third parties to process and transmit claims to payers and the adverse impact of any delay, data loss, or other disruption in processing or transmitting such claims, the Company’s revenue recognition being based in part on estimates for future collections which estimates may prove to be incorrect, and the Company’s ability to remediate material weaknesses in internal controls. Additionally, all forward-looking statements are subject to the “Risk Factors” detailed from time to time in the Company’s most recent Annual Report on Form 10-K filed on April 22, 2020, as amended on May 29, 2020 and January 19, 2021, Current Reports on Form 8-K and Quarterly Reports on Form 10-Q and amendments thereto. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. Contacts: Investor Relations Edison Group Joseph Green/Megan Paul (646) 653-7030/7034 jgreen@edisongroup.com/mpaul@edisongroup.com