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Interpace Commences $30M Rights Offering

NEW YORK — Interpace Biosciences on Wednesday said that it has commenced a previously announced $30 million rights offering.

Under the terms of the transaction, Interpace is distributing nontransferable subscription rights to holders of its common stock and outstanding warrants, with each right entitling the holder to purchase 0.75 share of common stock at a price per whole share of common stock of $6.65.

Shares of Interpace closed on the over-the-counter markets Wednesday at $7.80.

The unexercised rights expire on Feb. 2. Holders who fully exercise their rights may subscribe for additional shares not subscribed for by other holders on a pro rata basis.

Parsippany, New Jersey-based Interpace said it will use the proceeds of the offering to increase its liquidity position, to fund potential strategic investments and partnerships including product line acquisitions, and for general corporate and working capital purposes. The firm makes molecular diagnostic tests for a variety of cancer indications and provides pharmacogenomic testing services to pharmaceutical clients.

In November, Interpace reported having cash equivalents and restricted cash totaling $3.4 million at the end of the third quarter. At the time, CEO Thomas Burnell called the rights offering a "cost-effective method to raise capital while allowing existing shareholders to maintain their proportional ownership in the company."

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