Interpace Diagnostics Group Inc (NASDAQ:IDXG) announced its most recent entrée into expanding its commercial foot print internationally as a result of the adoption of the ThyGenX test by Dr. Richard Payne of Montreal, Quebec. This is the Company’s initial step in launching its Thyroid products in Canada and, if successful, plans are already in place to expand in to other Provinces and work with the Canadian Health Ministry to secure coverage of both ThyGenX®, the Company’s oncogene panel assay, and ThyraMir®, the Company’s micro- RNA based gene expression classifier. While the present focus is on ThyGenX, interest in expanding testing to ThyraMir has already been expressed, when additional data becomes available.
Dr. Richard Payne is an associate professor at McGill University in the Department of Otolaryngology – Head and Neck Surgery where his surgical subspecialty is Head and Neck Oncology with a strong emphasis on thyroid cancer. Dr. Payne works at several of the McGill University affiliated adult hospitals including Jewish General Hospital and Montreal General Hospital. Dr. Payne is a leader in the field of thyroid cancer surgery. He is the Director of the Endocrine Surgery Group at the Canadian Society of Otolaryngology – Head and Neck Surgery. He is actively involved in research and presents his work annually at national and international conferences. He has been one of the pioneers in the development of sentinel lymph node biopsy and has published in both North America and Europe on this novel technique. He has been a presenter and moderator to other leading thyroid cancer specialists at the World Thyroid Congress, the Canadian Society of Otolaryngology, and the THANC thyroid course held in New York City, where he provides training to other well-known and highly regarded thyroid cancer specialists.
According to Dr. Payne, “the use of ThyGenX testing in our institution represents an opportunity for us to ensure we are providing the best care to our thyroid patients using all of the most innovative tools and insights available to us.” “We have already encountered situations in which the ThyGenX test results helped with patient management decisions.”
The Company recently announced the launch of its Thyroid Registry testing study, which will provide data on the real-world effect that both ThyGenX and ThyraMir testing have on physician decision-making and patient outcomes. ThyGenX – ThyraMir represents the only test in the market that combines the rule-in properties of next-generation sequencing of a patient’s DNA and RNA with the rule-out capabilities of a micro-RNA classifier to provide physicians with clinically actionable test results. The Company first launched ThyGenX on the next generation sequencing (NGS) platform in November 2014 followed by ThyraMir in April 2015 making both tests available to Endocrinologists and Pathologists throughout the U.S. Since then, the Company has conducted over 6,000 ThyGenX and ThyraMir tests for nearly 400 physicians and hospitals.
According to the American Cancer Society, thyroid cancer is the most rapidly increasing cancer in the U.S., tripling in the past three decades. Most physicians have traditionally recommended thyroid surgery where thyroid nodule biopsy results are indeterminate, not clearly benign or malignant following traditional cytopathology review; however, 70%-80% of these surgical outcomes are ultimately benign. Molecular testing using ThyGenX – ThyraMir has been shown to reduce the rate of unnecessary surgeries in indeterminate cases.
Jack E. Stover, President and CEO of Interpace Diagnostics stated, “We are pleased to continue to expand the reach of our Thyroid products beyond the U.S. market and to be working with an internationally known key opinion leader like Dr. Payne.”
Shares of Interpace Diagnostics are currently rising nearly 12% to $4.48 in early trading Tuesday. 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 $3.12 and its 200-day moving average is $0.91.
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.