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HTG Raises $18M as it Sits on IPO

NEW YORK( GenomeWeb) – HTG Molecular, which recently filed for a planned initial public offering, has raised more than $18 million, it said in a regulatory document on Friday. 

Through a spokesperson, the Tucson, Ariz.-based molecular diagnostics firm declined to comment on the financing. It said in a document filed with the US Securities and Exchange Commission that 19 investors have contributed to the offering, though it did not identify them. It also did not say how it plans to use proceeds from the offering. 

The types of securities offered were a mix of debt; an option, warrant or other right to acquire another security; and a security to be acquired upon exercise of option, warrant, or other right to acquire security. 

HTG filed a prospectus with the SEC in December for a planned IPO of up to $60 million. It has not yet priced its shares or said how many share it plans to offer. The company anticipates listing its shares on the Nasdaq Global Market under ticker symbol "HTGM." 

HTG's technology can molecularly profile samples at a fraction of the size currently required by other technologies, it said in its Form S-1. The platform, called the HTG Edge, 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.

In September, the company said that it planned to raise up to $800,000 through a private offering of its shares. HTG secured a debt facility in August for up to $16 million with Silicon Valley Bank and Oxford Finance.