TUCSON, Ariz., May 15, 2017 (GLOBE NEWSWIRE) -- HTG Molecular Diagnostics, Inc. (NASDAQ:HTGM) (HTG), a provider of instruments, reagents and services for molecular profiling applications, today reported financial results for the three months ended March 31, 2017.
Recent Accomplishments & Highlights:
Entered into several key agreements including:
- a research agreement with Centre Léon Bérard, which provides the framework for molecular profiling studies aimed to advance precision medicine
- a Master Services Agreement with Daiichi Sankyo Company, Limited, for work to be performed in HTG’s VERI/O laboratory
- a research collaboration agreement with Instituto Valenciano de Oncología (IVO), with the initial project utilizing the HTG EdgeSeq Oncology Biomarker Panel to develop and validate a breast cancer recurrence risk score
Launched direct-target sequencing technology and initial DNA mutation panel in our VERI/O laboratory
Announced HTG EdgeSeq PATH Assay to launch in the second quarter of 2017
- Achieved revenue of $1.4 million for the first quarter of 2017
“We are pleased with our momentum as we make progress towards increasing adoption of our products and services,” said TJ Johnson, President and CEO. “Going forward we will continue to focus on growing our partnerships with pharma and developing high-value diagnostic tests.”
First Quarter 2017 Financial Results:
Revenue for the first quarter of 2017 was $1.4 million, an increase of 58% over the same period in the prior year. In Q1 2017, product revenue included $23,000 instrument rental and extended warranty services and $0.5 million of consumable sales, with service revenue totaling $0.8 million, comprised primarily of sample processing services. Net loss from operations for the first quarter of 2017 was $5.4 million, compared to $6.7 million for the first quarter of 2016. Net loss per share was $(0.73) for the first quarter of 2017 compared to $(1.02) for the first quarter of 2016.
HTG ended the first quarter with $5.4 million in total cash and investments, including $2.8 million in cash and equivalents and $2.6 million in short term, available-for-sale investments. Following the end of the first quarter and through May 12, 2017, HTG sold 1.78 million shares of common stock under a sales agreement with Cantor Fitzgerald & Co. at a weighted average share price of $5.66, for gross proceeds of approximately $10.0 million.
Conference Call and Webcast:
HTG will host an investment community conference call today beginning at 4:30 p.m. ET. Individuals interested in listening to the conference call may dial (866) 394-4225 for domestic callers, or (678) 509-7535 for international callers, conference ID 13619211, or access the webcast on the investor relations section of the Company’s website at: www.htgmolecular.com. The webcast will be available on the Company’s website for 90 days following the completion of the call.
