HTG Molecular Diagnostics Goes Public

HTG also sells the EdgeSeq system, which is designed for NGS sample preparation. HTG markets eight RUO-only molecular-profiling panels, which it supplies to 49 customers. HTG expects to submit its first assay for FDA approval by the end of this year. The company’s stock closed at $14.18 per share on May 15.

Tucson, AZ 5/6/15; Washington, DC 5/6/15—HTG Molecular Diagnostics, a provider of technology for complex molecular profiling, has completed an IPO. The company listed its shares on the NASDAQ Global Market, offering 3,570,000 shares at a price of $14 per share for estimated net proceeds of $44.4 million, or $51.4 million if the underwriters’ overallotment option is fully exercised. In 2014, HTG sales rose 48.4% to $3.3 million (see page 12), with product sales growing 132.0% to account for 54% of sales. As of December 31, 2014, HTG had an installed base of 31 systems, including 14 sold systems, and a total accumulated deficit of $68.2 million, and cash and cash equivalents of $3.6 million. The company’s HTG Edge system enables a simplified workflow for nucleic acid analysis and can analyze over 2,500 genes from a five µm tissue section, with a total workflow time of 24–36 hours for 96 samples.

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