Interpace Biosciences, Inc [NASDAQ: IDXG] announced today that the Board of Directors Audit Committee found the complaints regarding some billing and employment issues that have been raised to be invalid. After a thorough independent investigation, the committee said that the allegations raised were unsubstantiated since there was no evidence of any illegal activities.
Company employees, including one that has since terminated their contract, sent letters to the company raising the employment and billing compliance issues. These issues arose from the company’s requirements as in its Notification of Late Filing on Form 12b-25 filing that showed the firm’s inability to meet the deadlines to file Form 10-Q for that quarter ended June 30, 2020. Interpace responded by forming an Audit Committee, an independent registered public accounting firm, and a Regulatory Compliance Committee to investigate the issues those employees had brought forth.
The committees commenced with the investigations and carefully looked into every issue raised. They received assistance from an independent counsel and advisors to avoid any overlapping issues. After the completion of the investigation, the investigating team concluded that the claims were not substantiated and that there were no claims or evidence of illegal acts.
Who is Interpace Biosciences?
Interpace Biosciences is one of the emerging medical sciences firms that focus on personalized medicine. Among the services, the company offers to include specialized therapeutic services, early diagnosis, and therapeutic applications through a value chain that sees patients get special care. Further, the company uses the latest technology in the area of personalized medicine for patient diagnosis and management. They use diagnostic tests, pathology services, and bioinformatics to evaluate the risk of cancer.
As of the moment, Interpace has four molecular tests that have already been commercialized, and another that is currently at its clinical evaluation stage (CEP). The four molecular tests are
- PancraGEN: Diagnosis and prognosis of cancer of the pancreas emerging from pancreatic cysts.
- ThyGeNEXT: Diagnosis of thyroid cancer emerging from thyroid nodules. It uses next-generation sequencing assay
- ThyraMIR: Diagnosis of thyroid cancer also from thyroid nodules. This one uses proprietary gene expression assay
- RespriDX: Helps differentiate primary versus metastatic origin lung cancer.
The test that is at the CEP stage is a molecular-based assay, BarrenGEN that will help stop the progression of Esophagus Barrent into fully blown esophageal cancer.
Interpace also works with Pharma services to provide other solutions that include genotyping, testing, biorepository, and other important services in this industry.