HTG Molecular

The company's revenues were primarily driven by its various collaborations, which include ones with Qiagen and Merck KGaA.

The company said it anticipates using net proceeds for working capital and general corporate purposes.

The firm is offering 12.1 million shares of its common stock at a price to the public of $2.90 per share, for expected gross proceeds of $35.1 million.

The company said after the close of the market Tuesday that it intends to offer 10 million shares of its common stock in an underwritten public offering.

The project relates to an NGS-based clinical trial assay associated with a sponsored project agreement between Qiagen and an undisclosed pharmaceutical company.

The company said that it expects its fourth quarter revenues will be up as much as 380 percent over the year-ago quarter.

The two companies have signed a new master collaboration agreement under which HTG will  develop custom assays for use in earlier stages of Merck's drug development process.

Third quarter growth was driven by a sharp increase in revenues from HTG Molecular's pharmaceutical partners.

While the company reported an increase in revenues from biopharma partners, this gain was more than offset by lower consumable sales.

The firm's market value fell below the minimum $35 million level to remain listed on the Nasdaq. HTG has until Jan 29, 2018 to regain compliance. 


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