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.
The companies will use HTG EdgeSeq technology to develop NGS-based gene expression profiling assays to support a pharma company's therapeutic development.
A big bump in service revenues made up for a decline in product revenues. The company also trimmed its operating expenses and narrowed its net loss.
The partners will work together to develop a breast cancer recurrence risk score using the company's technology.
HTG will use its EdgeSeq platform to develop a multi-target mRNA assay for Daiichi Sankyo and to profile tumor samples for Centre Léon Bérard.
The company intends to sell up to $75 million of its common stock for working capital and other purposes.
The firm also said that its HTG EdgeSeq technology has been adapted for use with the Qiagen GeneReader NGS System after technical feasibility testing.
The assay can be used to identify patients suitable for treatment with ALK-targeted therapeutics such as Pfizer's Xalkori.
The company had been warned by Nasdaq in August that it failed to comply with a minimum $10 million stockholder equity requirement to remain listed on the exchange.
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