Interpace Diagnostics Group Inc (IDXG) Shares Shoot Up on European Patent Approval
Interpace Diagnostics Group Inc (NASDAQ:IDXG) investors have a smile on their faces Monday morning, after the diagnostic company announced that on March 29th 2017, the European Patent Office granted it a Patent for use of microRNAs for distinguishing benign from malignant thyroid neoplasms. This patent covers the underlying technology of the Company’s ThyraMIR® microRNA Classifier. Interpace shares reacted to the news, rising 16% to $3.05.
The Company plans to validate and enforce this Intellectual Property in select European countries going forward.
ThyGenX® – ThyraMir® represents the only test in the market that combines the rule-in properties of NGS sequencing of a patients’ DNA and RNA, with rule-out capabilities of a micro-RNA classifier. Based upon current performance, over 80% of the Company’s total cases are reflexed to ThyraMIR® for additional assessment. The Company launched ThyraMIR® in the United States on April 15th, 2015 making it available to Endocrinologists and Pathologists throughout the country. Since then, the Company has conducted over 5,000 ThyraMIR® tests for nearly 400 physicians and hospitals.
According to the American Cancer Society, thyroid cancer is one of the most rapidly increasing cancers in the US 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 announce the approval of this patent by the European Patent Office as it provides a basis for introducing our first product to the European market as part of our international expansion plan. Importantly, this patent enforces the uniqueness of our microRNA Classifier technology in risk stratification of Thyroid nodules,” concluded Stover.
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.