NEW YORK (GenomeWeb) – HTG Molecular yesterday filed a shelf registration to publicly offer up to $75 million of its common stock, according to a filing with the US Securities and Exchange Commission.
Proceeds from the sale of the stock will be used for working capital and general corporate purposes such as capital expenditures, debt repayment, research and development, sales and marketing, and administrative expenses, the company said in the filing. It may also use a portion of the proceeds to acquire or invest in businesses, products, and technologies complementary to its own, although it has no current plans to do so.
Earlier this month, HTG reported finishing 2016 with $7.5 million in cash and cash equivalents, and $4.3 million in short-term investments available for sale. In a separate filing with the SEC yesterday, the firm noted that the average monthly net cash used during the fourth quarter of 2016 was $1.6 million.