Interpace Biosciences Sells $20M of Series B Preferred Stock to 1315 Capital and Ampersand Capital Partners

Interpace Biosciences, Inc. (NASDAQ:IDXG) (“Interpace” or the “Company”), a leader in leveraging molecular diagnostics and other platforms for the benefit of patients and supporting pharmaceutical

Benzinga · 01/13/2020 12:02

Interpace Biosciences, Inc. (NASDAQ:IDXG) (“Interpace” or the “Company”), a leader in leveraging molecular diagnostics and other platforms for the benefit of patients and supporting pharmaceutical development, today announced that it has entered into an agreement for a new Series B Preferred Stock investment of $20 million, consisting of $19 million from 1315 Capital and an additional $1 million from Ampersand Capital Partners (“Ampersand”), an existing investor in the Company. 1315 Capital and Ampersand are two leading private equity firms investing in laboratory services. The new Series B Preferred Stock investment will be convertible into common stock at a conversion price of $0.60 (prior to the reverse stock split). In addition, Ampersand will exchange its existing $27 million of Series A Preferred Stock with a conversion price of $0.80 for newly issued Series B Preferred Stock in consideration of eliminating all past and future accrued dividends and all anti-dilution price adjustments. The Series B Preferred Stock will not accrue dividends or have anti-dilution price adjustments.