Sec Form 13D Filing - Ampersand 2018 Limited Partnership filing for INTERPACE BIOSCIENCES INC (IDXG) - 2024-10-16

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

INTERPACE BIOSCIENCES, INC.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

46062X303

(CUSIP Number)

Ampersand 2018 Limited Partnership

AMP-18 Management Company Limited Partnership

AMP-18 MC LLC

One Post Office Square, Suite 2900

Boston, MA 02109

Telephone: (781) 239-0700

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

October 11, 2024

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of § 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☐.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

SCHEDULE 13D

SCHEDULE 13D

This Amendment No. 6 to Schedule 13D (this “Amendment No. 6”) supplements and amends the Schedule 13D originally filed with the Securities and Exchange Commission (the “SEC”) on July 25, 2019, as amended by Amendment No. 1 thereto, filed with the SEC on January 17, 2020, as amended by Amendment No. 2 thereto, filed with the SEC on April 23, 2020, as amended by Amendment No. 3 thereto, filed with the SEC on January 19, 2021, as amended by Amendment No. 4 thereto, filed with the SEC on May 18, 2021, and as amended by Amendment No. 5 thereto, filed with the SEC On November 12, 2021 (as so amended, the “Prior Statement” and, as supplemented and amended by this Amendment No. 6, the “Statement”). Capitalized terms used but not otherwise defined herein have the meanings set forth in the Prior Statement. Except as specifically supplemented and amended by this Amendment No. 6, items in the Prior Statement remain unchanged. The Statement relates to the common stock, par value $0.01 per share (the “Common Stock”), of Interpace Biosciences, Inc., a Delaware corporation (the “Issuer”), with its principal offices located at Waterview Plaza, Suite 310, 2001 Route 46, Parsippany, NJ 07054. The Common Stock is listed on the Nasdaq Capital Market under the ticker symbol “IDXG.”

This Amendment No. 6 is being filed to report that, on October 10, 2024, the Issuer entered into an Exchange Agreement, dated October 10, 2024 (the “Exchange Agreement”), by and among the Issuer, 1315 Capital II, L.P., a Delaware limited partnership (“1315 Capital”), and Ampersand 2018 Limited Partnership, a Delaware limited partnership (“Ampersand” and, together with 1315 Capital, the “Investors”), pursuant to which, on October 11, 2024, the Issuer exchanged all 28,000 existing shares of Series B Convertible Preferred Stock, par value $0.01 per share (the “Series B”), held by Ampersand, for 28,000 newly created shares of Series C Convertible Preferred Stock, par value $0.01 per share (the “Series C” and such transaction, the “Exchange”).

(a) This Amendment No. 6 is being filed by Ampersand, AMP-18 Management Company Limited Partnership, a limited partnership organized under the laws of Delaware and the general partner of Ampersand (“AMCLP”) and AMP-18 MC LLC, a limited liability company organized under the laws of Delaware and the general partner of AMCLP (“AMCLLC” and, together with Ampersand and AMCLP, the “Reporting Persons”). The principal business of the Reporting Persons is investing in healthcare companies.

(b)—(c) Ampersand, AMCLP and AMCLLC each have their principal offices at One Post Office Square, Suite 2900, Boston, MA 02109.

(d)—(e) During the last five years, none of the Reporting Persons has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

On October 11, 2024, the Issuer exchanged all 28,000 existing shares of Series B held by Ampersand for 28,000 newly created shares of Series C.

The Issuer entered into the Exchange Agreement with Ampersand, pursuant to which the Exchange was consummated as further discussed below under Item 6. The Reporting Persons caused Ampersand to acquire the shares of Series C for the purpose of making an investment in the Issuer and not with the intention of acquiring control of the Issuer’s business on behalf of the Reporting Persons. The information set forth or incorporated in Items 1, 5 and 6 of this Amendment No. 6 is incorporated by reference in its entirety into this Item 4.

Except as set forth in this Amendment No. 6, the Reporting Persons have not formulated any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries; (d) any change in the present board of directors (the “Board”) or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the Board; (e) any material change in the Issuer’s capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer’s business or corporate structure; (g) any change in the Issuer’s charter or bylaws or other instrument corresponding thereto or other action which may impede the acquisition of control of the Issuer by any person; (h) causing a class of the Issuer’s securities to be deregistered or delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to any of those enumerated above.

(a)—(b) As of the date of this filing, as discussed in Item 1 of this Amendment No. 6, which is hereby incorporated by reference in its entirety into this Item 5, the Reporting Persons may be deemed, for purposes of Rule 13d-3 of the Act, directly or indirectly, including by reason of their mutual affiliation, to be the beneficial owners of 13,861,386 shares of Common Stock issuable upon conversion of the shares of Series C that may be attributable to the Reporting Persons. Based upon information disclosed in connection with the Securities Purchase and Exchange Agreement, such shares of Common Stock deemed to be indirectly beneficially owned by the Reporting Persons constitute approximately 76% of the outstanding shares of Common Stock as of August 2, 2024, assuming the conversion 28,000 outstanding shares of Series C into an aggregate of 18,255,698 shares of Common Stock. AMCLP, as the general partner of Ampersand, and AMCLLC, as the general partner of AMCLP, may be deemed to also indirectly beneficially own the shares of Series C held by Ampersand. As a result, such entities share t he power to direct the vote and to direct the disposition of the shares held by Ampersand. Each of the Reporting Persons disclaims beneficial ownership in all shares of Series C and Common Stock reported herein, except to the extent of such Reporting Person’s respective pecuniary interest therein.

Item 6 of the Prior Statement is hereby amended and supplemented to include the following:

Exchange Agreement

On October 10, 2024, the Issuer entered into the Exchange Agreement with 1315 Capital and Ampersand, pursuant to which the Exchange was consummated on October 11, 2024. The shares of Series C issued in the Exchange were offered and sold pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and Rule 506 of Regulation D promulgated thereunder.

Series C Certificate of Designation

In connection with the consummation of the Exchange on October 11, 2024 (the “Exchange Closing”), the Issuer filed a Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock (the “Series C Certificate of Designation”) with the Secretary of State of the State of Delaware to designate 52,000 shares as Series C.

Voting

On any matter presented to the stockholders of the Issuer for their action or consideration at any meeting of stockholders of the Issuer (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Series C will be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Series C held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the Series C Certificate of Designation, holders of Series C will vote together with the holders of Common Stock as a single class and on an as-converted to Common Stock basis.

Conversion

The Series C Certificate of Designation provides that from and after the Issuance Date (as defined in the Series C Certificate of Designation) and subject to the terms of the Certificate of Designation, each share of Series C is convertible, at any time and from time to time, at the option of the holder into a number of shares of Common Stock equal to dividing the amount equal to the greater of the initial stated value per share of $1,000 of such Series C, plus any dividends declared but unpaid thereon, or such amount per share as would have been payable had each such share been converted into Common Stock immediately prior to a liquidation, by $2.02 (subject to further adjustment in the event of any stock dividend, stock split, combination, or other similar recapitalization affecting such shares).

Mandatory Conversion

Immediately prior to the listing of the Common Stock on The Nasdaq Stock Market, all outstanding shares of Series C owned by each holder will automatically convert into a number of shares of Common Stock equal to the product of the Series C Conversion Ratio (as defined in the Series C Certificate of Designation) and the number of shares of Series C owned by such holder.

Dividends

The Series C Certificate of Designation does not provide for mandatory dividends on the Series C shares. Dividends may be declared and paid on the Series C shares from funds lawfully available and as determined by the Board.

Protective Provisions

For so long as any shares of the Series C remain outstanding, the following actions may only be taken by the Issuer or any of its direct or indirect subsidiaries with the written consent of each holder of the outstanding shares of Series C: (i) amend, waive, alter or repeal the preferences, rights, privileges or powers of the holders of the shares of Series C; (ii) amend, alter or repeal any provision of the Series C Certificate of Designation in a manner that is adverse to the holders of the shares of Series C; or (iii) authorize, create or issue any equity securities senior to or pari passu with the Series C.

Liquidation

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Issuer, the holders of shares of Series C then outstanding on an as-converted basis will be entitled to be paid out of the assets of the Issuer available for distribution to its stockholders on a pari passu basis with the holders of the shares of the Common Stock.

Amended and Restated Investor Rights Agreement

In connection with the Exchange, at the Exchange Closing, the Issuer and the Investors entered into an amended and restated investor rights agreement (the “Amended and Restated Investor Rights Agreement”), which amended and restated that certain Amended and Restated Investor Rights Agreement, dated as of January 15, 2020, between the Issuer and the Investors. Pursuant to the Amended and Restated Investor Rights Agreement, the Issuer and the Investors established certain terms and conditions concerning the rights of and restrictions on the Investors with respect to the ownership of the shares of Series C.

Demand Piggy-Back and Shelf Registration Rights

The Amended and Restated Investor Rights Agreement provides the Investors with (1) demand registration rights exercisable beginning on the Exchange Closing and subject to certain limitations described therein, (2) piggy-back registration rights at any time the Issuer proposes to file a registration statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, subject to certain exceptions described therein, and (3) shelf registration rights, exercisable on or prior to the first anniversary of the Exchange Closing upon the written demand of an Investor or group of Investors and subject to certain limitations described therein.

Qualified By the Documents

The foregoing description of the Exchange Agreement, Series C Certificate of Designation and Amended and Restated Investor Rights Agreement (collectively, the “Exchange Documents”) is qualified in its entirety by reference to the full text of the Documents, which are filed as Exhibits 2, 3 and 4, respectively, to this Amendment No. 6 and incorporated herein by reference in their entirety.

Ampersand’s General Partner is entitled to a performance allocation and an affiliate of Ampersand’s General Partner is entitled to a periodic fee for its investment management services under Ampersand’s organizational documents.

Other than as described in this Statement, to the best of the Reporting Persons’ knowledge, there are no other contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer.

SIGNATURE

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: October 16, 2024