- Interpace Biosciences ( OTCQX:IDXG ) on Wednesday said it had closed the sale of its pharma services business to Flagship Biosciences.
- IDXG CEO Thomas Burnell said with the completion of the deal, the company's operating cash flow is expected to improve by nearly $5M annually.
- The company said it would use the proceeds from the sale for its working capital requirements and for investments to grow its molecular diagnostics business.
- Eliminating the negative cash flow burden of the pharma services business will lead to "substantially improved margins," Burnell added.
- IDXG stock earlier closed +2.9% at $1.80.
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Interpace Biosciences completes sale of pharma services business to Flagship Biosciences