Roka Bioscience | GenomeWeb

Roka Bioscience

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.

At the end of the quarter, the company had 39 of its Atlas molecular testing instruments placed with customers under commercial agreements compared to 36 in Q3 2014.

The firm, which went public about a year ago, said that the offerings may consist of its common stock, preferred stock, warrants, senior or subordinated debt securities, and units.

While instrument placements in the quarter increased to 41 from 36 a year ago, the firm missed the consensus analysts' estimate on the top and bottom lines. 

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