Skip to main content
Premium Trial:

Request an Annual Quote

HTG Molecular Goes Public at $14 per Share

NEW YORK (GenomeWeb) – HTG Molecular today went public in the US, offering 3,570,000 shares of common stock at an initial public offering price of $14 per share.

The Tucson, Arizona-based molecular diagnostics firm expects to raise net proceeds of approximately $44.4 million, which could rise to $51.4 million if the underwriters exercise their overallotment option of 535,500 shares within 30 days of the offering. Canaccord Genuity, Leerink Partners, and JMP Securities are the underwriters on the offering.

The firm previously said that proceeds from the offering will be allocated for several uses, including approximately $18.5 million for SG&A expenses, approximately $7.7 for R&D expenses, about $4.8 million for repayments on an outstanding loan, and the remainder for general corporate purposes and working capital.

The firm makes the HTG Edge, which it said can analyze up to 2,500 genes from sample volumes as small as a single-micron section of tissue, or 12.5 microliters of liquid biopsies.

HTG listed its stock on the Nasdaq Global Market under ticker symbol "HTGM." Its shares were down nearly 10 percent at $12.67 in early Wednesday afternoon trade.