Interpace Diagnostics Group Inc (NASDAQ:IDXG) shares were up 11.36% to $0.969 on Tuesday and an additional 19.74% in after-hours trading. Share prices have been trading in a 52-week range of $0.07 to $1.98. The company has a market cap of $11.34 million at 18.16 million shares outstanding.
In a press release this week, Interpace Diagnostics Group announced that it has launched a multi-site study to provide further evidence of the Clinical Utility of the ThyGenX and ThyramiR tests in accurately identifying malignancy or benign status in indeterminate thyroid nodules. This would demonstrate the real world clinical utility of the test or the degree to which the tests impact physician decision-making and positively affect patient outcomes.
Interpace Diagnostics Group has performed the combination assay on over 5,000 patients on behalf of over 200 physicians and hospitals nationwide to date. These institutions were selected based on their specific expertise in diagnosing and treating thyroid cancer.
“The role of the participating institutions will be to work with the Company in tracking patients’ treatments and other key outcomes data following molecular testing with ThyGenX and ThyramiR. We expect to be able to report the results of the study sometime during the second half of 2017,” said Syd Finkelstein MD, Chief Scientific Officer of Interpace Diagnostics Group.
A couple of months back, the company shared that the New York State Department of Health approved ThyGenX, allowing it to be offered in the state which accounts for 5% of approximately 600,000 annual Thyroid FNA biopsies performed in the US, according to Thyroid Disease Manager.
The American Cancer Society has noted that thyroid cancer is the most rapidly increasing cancer in the US and has been tripling in the past three decades. 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.
“We are pleased to be able to collaborate with this group of top tier health care institutions and physicians in the New York market place. We believe in continuing to invest in studies that provide further evidence that our molecular tests for thyroid cancer provide physicians and their patients critical insights. We expect that the data from this initiative will add to the already compelling evidence supporting the superior performance of ThyGenX and ThyramiR,” remarked Interpace Diagnostics Group CEO Jack Stover.
Formerly known as PDI Inc, Interpace Diagnostics Group is a company that is focused on developing and commercializing molecular diagnostic tests principally focused on early detection of high potential progressors to cancer and leveraging the latest technology and personalized medicine for patient diagnosis and management. It operates through molecular diagnostics segment.
In particular, Interpace Diagnostics Group offers molecular tests, such as PancraGen, which is a pancreatic cyst molecular test that can aid in pancreatic cyst diagnosis and pancreatic cancer risk assessment utilizing its PathFinder platform; ThyGenX, which assesses thyroid nodules for risk of malignancy; and ThyraMIR, which assesses thyroid nodules risk of malignancy utilizing a gene expression assay. Through its molecular diagnostics business, the company provides diagnostic options for detecting genetic and other molecular alterations that are associated with gastrointestinal and endocrine cancers, which are focused on early detection of cancer.