NEW YORK (GenomeWeb News) – HTG Molecular Diagnostics today confirmed that it has closed on its Series D financing round, which raised $16.2 million.
The funds will be used to bolster adoption of the Tucson, Ariz.-based firm's multiplex gene expression testing platform in three business areas — molecular testing capabilities for translational medicine, pharmaceutical clinical development, and pathology laboratory diagnostics. HTG added that it is hiring personnel in sales and marketing, scientific R&D, and operations.
SR One, the corporate venture capital arm of GlaxoSmithKline, was a new investor in the second tranche of the Series D round, joining existing investors Novo A/S, which led the round, Fletcher Spaght Ventures, Merck Capital Ventures, Solstice Capital, and Valley Ventures.
HTG added that Simeon George, a partner at SR One, is joining its board of directors.
"HTG now has the capital horsepower and industry expertise to execute our strategic vision in bringing our company from the research arena into the clinical setting," TJ Johnson, CEO of the company, said in a statement.
In February, the company said that it had raised $15.7 million in a first tranche of the Series D round.