Roka Bioscience

The sale of assets to the Institute for Environmental Health comes after an extensive review of strategic alternatives for Roka, the company said.

Revenue growth was driven by a 26 percent increase in the number of pathogen detection tests sold. The total number of placed Atlas instruments ticked up to 54. 

The company said it had 53 of its Atlas molecular diagnostic systems placed with customers under commercial agreements as of the end of 2016.

The company attributed the revenue growth to an increased number of its Atlas molecular pathogen detection instruments placed with customers.

The company is aiming to use the reverse split to regain compliance with the Nasdaq's $1 minimum bid price requirement.

The company will issue preferred shares that will be convertible into common stock, as well as warrants to buy common stock.

The company saw an increase in the number of Atlas molecular pathogen detection instruments placed during the quarter.

The revenue spike was due to an increase in the number of Atlas molecular testing platforms placed with commercial customers.

The molecular diagnostics company said the number of Atlas instruments placed with customers under commercial agreements rose to 41 from 38 in Q4 2014.

The partners will develop a new product using MBio's multiplex, point-of-care testing system and Roka's experience in food safety testing.