HTG Molecular

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.

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.

The revenue increase was primarily driven by collaborative development services activities with partners including Qiagen.

HTG Molecular will provide Firalis with technology and components to support its commercialization of a rheumatoid arthritis theranostic assay.

The company ended 2017 with $10 million in cash and cash equivalents, and raised $40 million in a public offering in January.

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