Interpace Diagnostics Group, Inc. Appoints Eric Lev as Class I Director
July 20, 2019 at 02:33 am IST
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On July 15, 2019 Interpace Diagnostics Group, Inc. entered into a Securities Purchase Agreement with the Investor pursuant to which the Company agreed to sell to the Investor, in a private placement pursuant to Regulation D and Section 4(a)(2) under the Securities Act of 1933, as amended, up to an aggregate of $27,000,000 in convertible preferred stock, par value $0.01 per share, of the Company consisting of two series, Series A and Series A-1, both at an issuance price per share of $100,000. At the Initial Closing, effected concurrently with the closing of the Acquisition, the Company issued to the Investor 60 newly created shares of Series A at an aggregate purchase price of $6,000,000.00, and 80 newly created shares of Series A-1 at an aggregate purchase price of $8,000,000.00. The Investor, as holder of 60 shares of Series A, became entitled on July 15, 2019 to elect one director to the Board in connection with closing of the Investment. In preparation for the consummation of the Investment, on June 28, 2019, the Board adopted resolutions to increase the number of directors from four to seven, with two seats to initially be vacant, and appointing the Investor's nominee to the Board upon the Initial Closing under the Securities Purchase Agreement. On July 15, 2019, upon the occurrence of the Initial Closing, the Investor nominated Eric Lev, who was thereby appointed to the Board as a Class I Director, effective immediately. As a Class I Director, Eric Lev will serve until the Company's 2019 annual meeting of stockholders, until his successor is elected and qualified, or until his earlier death, resignation or removal. Eric Lev will be serving on the Board as a non-employee director.
Interpace Biosciences, Inc. provides personalized medicine and offers specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications. Its clinical services, through Interpace Diagnostics, provide clinically useful molecular diagnostic tests, bioinformatics and pathology services for evaluating the risk of cancer by leveraging the technology in personalized medicine for improved patient diagnosis and management. It has five commercialized molecular tests and one test in a clinical evaluation program: PancraGEN, PanDNA, ThyGeNEXT, ThyraMIR v2, RespriDX, and BarreGEN. PancraGEN is for the diagnosis and prognosis of pancreatic cancer from pancreatic cysts. PanDNA is a molecular only version of PancraGEN that provides physicians a snapshot of a limited number of factors. ThyGeNEXT is for the diagnosis of thyroid cancer from thyroid nodules. RespriDX differentiates lung cancer of primary versus metastatic origin.