Interpace Biosciences Announces New $ 8 Million Term Loan with BroadOak Capital Partners and Repayment of Private Equity Loans

PARSIPPANY, NJ, November 02, 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 $ 8 million term loan with BroadOak Fund V, LP (“BroadOak”) (the “BroadOak Loan”). The proceeds of the BroadOak loan were used primarily to repay principal and interest on the $ 7.5 million short-term promissory notes owed to the Company’s two private equity shareholders, Ampersand 2018 Limited Partnership (“Ampersand ) And 1315 Capital II, LP (“1315 Capitale”). The BroadOak loan was designed to extend the company’s debt structure and increase operational flexibility. In combination with the $ 7.5 million revolving credit facility recently announced dollars with Comerica Bank, the company believes it has significantly improved its liquidity without diluting shareholders’ equity.

Thomas Burnell, CEO of Interpace, commented: “We are extremely pleased that BroadOak, a life sciences investment and investment bank, has recognized the value and prospects of the Company and has shown its confidence in the Company’s business growth strategy. We are very grateful to Ampersand and 1315 Capital, our two largest shareholders, for their continued support to the Company demonstrated by their willingness to provide short term bridge financing. “

Bill Snider, BroadOak Partner, added, “We are very pleased to partner with Interpace and recognize the company’s continued turnaround efforts and its path to profitability. We are delighted to extend the short term funding previously provided to the Company by Ampersand and 1315 Capital. “

The BroadOak loan has a three-year term. The BroadOak loan is secured by security over substantially all of the assets of Interpace and its subsidiaries and is subordinated to the company’s recently established $ 7.5 million revolving credit facility with Comerica Bank. The BroadOak loan has additional terms that will be outlined in the company’s 8-K form when it is filed.

About Interpace Biosciences

Interpace Biosciences is an emerging leader in the activation of personalized medicine, providing specialized services throughout the therapeutic value chain, from early diagnosis and prognostic planning to targeted therapeutic applications.

Clinical Services, through Interpace Diagnostics, provide clinically useful molecular diagnostic tests, bioinformatics and pathology services to assess cancer risk by leveraging the latest technologies in personalized medicine for improved patient diagnosis and management . Interpace has five commercial 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® which provides physicians with insight into a limited number of factors; ThyGeNEXT® for the diagnosis of thyroid cancer from thyroid nodules using a next-generation sequencing test; ThyraMIR® for the diagnosis of thyroid cancer from thyroid nodules using a proprietary gene expression test; and RespriDX® which differentiates lung cancer of primary origin from metastatic cancer. In addition, BarreGEN®, a molecular test that helps resolve the risk of Barrett’s esophagus progression to esophageal cancer, is currently in a CEP where the Company is collecting information from physicians using BarreGEN® to help it collect clinical evidence relating to the safety and performance of the test and also provide data that will potentially support the payor’s reimbursement.

Pharmaceuticals Services, through Interpace Pharma Solutions, provide pharmacogenomic testing, genotyping, bio-deposition and other personalized services to the pharmaceutical and biotechnology industries. Pharmaceuticals is also advancing personalized medicine by partnering with pharmaceutical, academic and technology leaders to effectively integrate pharmacogenomics into their drug development and clinical trial programs with the goal of bringing drugs to market faster. safer and more efficient, while improving patient care.

For more information, please visit the Interpace Biosciences website at www.interpace.com.

About BroadOak Capital Partners

BroadOak Capital Partners is a specialized life sciences-focused financial institution that provides direct investment and investment banking services to companies in the research tools and consumables, diagnostics and biopharmaceutical services industries. BroadOak has led or participated in investments in more than 50 companies through several funds and investment vehicles. For more information, visit www.broadoak.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, concerning the future financial and operational performance of the society. The Company has attempted to identify forward-looking statements by using terms such as “believes”, “estimates”, “plans”, “expects”, “plans”, “plans”, “intends to” , “Possible”, “may”, “could”, “could”, “” could “,” will “,” should “,” about “or other words which reflect the uncertainty of future events or results to identify such 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 with accuracy and many of which are beyond the control of the Company. These statements also involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company to differ materially from those expressed or implied by forward-looking statements, including, but not limited to, the negative impact of COVID-19. pandemic on the operations and revenues of the Company, the substantial doubt as to the ability of the Company to continue its operations, the possibility that the Company’s estimates of future revenues, cash flows and Adjusted EBITDA may be ” prove to be materially inaccurate, the Company’s history of operating losses, the Company’s ability to adequately finance its activities, the Company’s ability to repay borrowings under its 7.5 million dollars with Comerica Bank and its $ 8 million term loan with BroadOak; the Company’s dependence on sales and reimbursements of its clinical services, the Company’s ability to retain or obtain reimbursement, including its reliance on third parties to process and forward claims to payers and the negative impact of any delay, loss of data or other interruption of processing or transmission of such claims, the recognition of the Company’s revenue being based in part on estimates of future recoveries, such estimates may prove to be incorrect, and the Company’s ability to remedy material weaknesses in internal controls. In addition, 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 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, one should not place undue reliance on these forward-looking statements. Further, these statements speak only as of the date of this press release and, except as required by law, the Company assumes no obligation to publicly revise or update any forward-looking statements for any reason. it would be.

Contacts:

Investor Relations
Interpace Biosciences, Inc.
(855) -776-6419
[email protected]

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