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HTG Molecular

Under deal, HTG will sell to or through Cowen from time to time $40 million of its common stock though it is not obligated to sell any shares.

The firm's revenues rose to $21.5 million from $14.8 million in 2017, driven by expansion of its biomarker profiling services business and collaborative program.

The company said it continues to see volatility in the timing of its collaboration revenues but is confident in the long-term growth of its biopharma business.

HTG missed the analysts' average estimate on the top line but beat expectations on the bottom line. It guided to full-year 2018 revenues of $21 million to $25 million.

The revenue growth was primarily driven by HTG's collaborative development services activities with pharmaceutical partners including Qiagen.

HTG Molecular Diagnostics offers next-generation sequencing-based molecular profiling instruments and assays, as well as related lab services.

Analyst Puneet Souda said HTG has a growing funnel of biopharma projects that have the potential to convert to companion diagnostics with regulatory approval.

On the heels of the WINTHER study, the consortium has planned a new trial called MERCURY, and will launch a blood and tissue repository.

Qiagen terminated the first project for an NGS-based clinical trial assay after its pharmaceutical partner's phase II drug trial failed to meet its endpoint.

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