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HTG Raises $15.7M to Increase Adoption of Gene-expression Testing Platform

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – HTG today announced it has completed its first tranche of a Series D financing round, raising $15.7 million.

The funds will be used to increase adoption of the company's multiplex gene-expression testing platform for validation and clinical applications across different therapeutic areas, the Tucson, Ariz.-based company said.

It added that the quantitative nuclease protection assay (qNPA) platform is used at major academic and cancer research centers and large pharma firms. The funds will help drive additional adoption in those end markets as well as in high-growth molecular diagnostic opportunities.

HTG also expects to hire additional personnel during the year, including sales and marketing, operations, and development scientists with expertise in the diagnostics space.

The round was led by new investor Novo A/S. Fletcher Spaght Ventures, also a new investor, and existing investors Merck Capital Ventures, Solstice Capital, and Valley Ventures also participated in the round.

HTG raised $10 million in a Series C round in late 2007.