Interpace Diagnostics Group Inc (NASDAQ:IDXG) announced that the Company has entered into a Laboratory Services Agreement with Einstein Medical Center of Philadelphia (Einstein) to provide expanded laboratory analytical services to Einstein for improved identification of indeterminate thyroid nodules, through Interpace’s combined ThyGenX® and ThyraMIR® molecular tests.
The new Agreement provides access for Einstein’s Endocrinologists, Ear Nose and Throat physicians, and Otolaryngologists to Interpace’s products for thyroid nodules that are initially deemed indeterminate. Nationwide, approximately 20% of thyroid nodules assessed using fine needle aspirate (FNA) biopsies are indeterminate and eligible for further analysis with molecular testing. The American Thyroid Association (ATA) has published guidelines that support the use of molecular testing in those circumstances where traditional cytopathology is indeterminate and unable to differentiate between malignant and benign thyroid nodules.
Einstein Medical Center of Philadelphia is associated with Einstein Healthcare Network, a private, not-for-profit organization with several major facilities and many outpatient centers. Einstein has provided healthcare services for nearly 150 years in the greater Philadelphia region and their primary mission is to provide compassionate, high-quality healthcare to the greater Philadelphia region. Many of the patients their specialists serve are referred by other institutions due to Einstein’s expertise in the area of diagnosing and treating thyroid cancer.
According to Maureen Jordan, VP of Healthcare Services for Einstein, “We are pleased to have reached an Agreement with Interpace to be able to make their products available to our physicians who wish to use them for their patients with suspected thyroid cancer.”
Jack E. Stover, President and CEO of Interpace Diagnostics stated, “We are pleased to have such an impressive organization such as Einstein chose to make our molecular thyroid tests available to their physicians and patients. This new contract continues the strong trend we have seen in the number of new Laboratory Services Agreements we have executed in just the past few months.”
Shares of Interpace Diagnostics closed last Friday at $1.96, up $0.09 or 4.81%. 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 $2.28 and its 200-day moving average is $2.55.
Interpace Diagnostics Group, Inc. provides commercialization services to biopharmaceutical companies. It focuses on developing and commercializing molecular diagnostic tests, leveraging the latest technology and personalized medicine for patient diagnosis and management. The company offers commercialized molecular tests which include PancraGen, ThyGenX, and ThyraMIR. PancraGen for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts; ThyGenX, for the diagnosis of thyroid cancer from thyroid nodules utilizing a next generation sequencing assay and ThyraMIR, for the diagnosis of thyroid cancer from thyroid nodules utilizing a proprietary gene expression assay.