Interpace Diagnostics Group, Inc. (NASDAQ:IDXG) investors are heading for the hills after the company announced that it intends to offer and sell shares of its common stock, subject to market and other conditions, in an underwritten public offering. The Company intends to use the net proceeds of the offering for working capital, repayment of indebtedness and other liabilities, and general corporate purposes.
The public offering would dilute shareholders’ investments, and as such IDXG stock is currently dropping nearly 18% to $3.56 in after-hours trading. IDXG has a 1-year high of $19.80 and a 1-year low of $0.70. The stock’s 50-day moving average is $3.89 and its 200-day moving average is $1.11.
Interpace Diagnostics Group, Inc. engages in the development and commercialization molecular diagnostic tests principally focused on early detection of high potential progressors to cancer. It offers commercialized molecular tests which include PancraGen, ThyGenX, and ThyraMIR. The company was founded by John P. Dugan in 1987 and is headquartered in Parsippany, NJ.