The partners will offer pharmaceutical firms a complete next-generation sequencing-based solution for the development and commercialization of companion diagnostic tests.
The revenue decrease was largely due to a drop in product sales that more than offset a rise in service revenues.
The companies will initially focus on developing a companion diagnostic for Merck's investigational B cell lymphoma drug M7583.
The investment bank, which also set a 12-month price target of $5 for the company's shares, said it anticipates a growing footprint for the HTG EdgeSeq system.
The company's second quarter revenue increase was driven by a surge in demand for its sample processing services from biopharmaceutical partners.
The company said its HTG EdgeSeq system and EdgeSeq Diffuse Large B-Cell Lymphoma Cell of Origin Assay may now be distributed in the EU.
Firalis is developing an assay based on HTG's EdgeSeq platform to identify rheumatoid arthritis patients likely to respond to anti-TNF-alpha therapies.
The company also said it has signed a collaboration deal with Bristol-Myers Squibb to evaluate the efficacy of immuno-oncology molecular profiling.
Gamidor Diagnostics will distribute HTG's NGS products in Israel, and Durviz s.l. Parque Tecnológico de Valencia will do the same in Spain and Portugal.
The money is the second part of a loan agreement signed in 2014 with Oxford Finance and Silicon Valley Bank for a total of $16 million.
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