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Interpace Diagnostics Q4 Revenues Up 22 Percent

NEW YORK (GenomeWeb) – Interpace Diagnostics reported after the close of the market on Wednesday that its fourth quarter revenues rose 22 percent.

For the three-month period ended Dec. 31, Interpace's revenues were $3.1 million, compared $2.6 million the prior year.

"2016 was a breakout year as we delivered strong revenue growth, significant cost reductions and right sizing as we completed our transition to a fully-integrated, commercially based molecular diagnostics company," Interpace President and CEO Jack Stover said in a statement.

The company's Q4 net income rose to $6.3 million, or $3.24 per share, from $4.4 million, or $2.74 per share, in Q4 2015.

R&D spending in the quarter fell 52 percent to $308,000 from $646,000 in the same period of 2015, while SG&A costs also dropped 52 percent to $4.1 million from $8.5 million.

The company touted several recent milestones, included gaining New York State approval and coverage by Aetna for its ThyraMir microRNA assay. New York State also approved the firm's NGS-based ThyGenX test.

Interpace also said it has raised approximately $14 million in additional gross proceeds from equity financings it conducted between the end of the year and early February 2017. And in March, the firm announced an agreement with an unnamed institutional investor to restructure its secured debt with former shareholders of RedPath, and to terminate its royalty and milestone obligations.

"Since the latter end of December, we have raised $14 million in gross equity and restructured over $9.3 million of secured debt to further strengthen our balance sheet," Stover added. "We are confident that we now have a strong basis as well as momentum into 2017, especially with our recent accomplishments, including New York State and Aetna approvals of ThyraMir, our microRNA assay, that is complementary to ThyGenX."

For full year 2016, Interpace saw its revenues increase 39 percent to $13.1 million from $9.4 million in 2015.

The firm's net loss for the year narrowed to $8.3 million, or $4.59 per share, from $11.4 million, or $7.34 per share, in 2015.

Interpace's R&D costs decreased 30 percent year over year to $1.6 million from $2.3 million in 2015. SG&A costs dropped 42 percent to $16.0 million from $27.4 million.

At the end of the year, Interpace had cash and cash equivalents totaling $602,000.

In Thursday morning trading on the Nasdaq, Interpace's shares rose 20 percent to $3.05.