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In Brief This Week: HTG Molecular Diagnostics, Luminex, Trovagene, and Abbott

NEW YORK (360Dx) – HTG Molecular Diagnostics has amended and restated an IVD test development and component supply agreement with Illumina to extend the agreement term and increase the number of in vitro diagnostic test kits that may be developed using Illumina’s sequencing technology. No further details were disclosed.

Japan’s Central Social Insurance Medical Council approved a recommendation from the country’s Ministry of Health, Labor, and Welfare to reimburse for Luminex’s Gram-Positive and Gram-Negative Blood Culture tests. Reimbursement for the two tests by MHLW went into effect on June 1. Japan’s Pharmaceuticals & Medical Devices Agency cleared the panels in 2016.

The Nasdaq has written Trovagene telling the firm that it is not in compliance with a listing rule requiring the minimum bid price to be at least $1 per share for 30 consecutive days, Trovagene said in a document filed with the US Securities and Exchange Commission. Trovagene has until Nov. 27 to regain compliance, but it may be eligible for an additional 180 days grace period if it meets other initial listing standards and provides Nasdaq written notice of its intention to meet the $1 per bid listing requirement by undergoing a reverse stock split.  

Separately, Trovagene said in an SEC document that Oxford Finance and Silicon Valley Bank have taken $16.6 million from the firm’s bank accounts to satisfy the conditions of a loan to Trovagene. On June 1, Oxford and SVB had notified Trovagene that it had defaulted on the loan dated June 30, 2014, Trovagene said. Because of the banks’ actions, all of Trovagene’s outstanding obligations under the load have been satisfied, and all liens on the firm’s assets created as part of the loan have been or will be extinguished and released.

The board of directors of Abbott Laboratories on Friday declared a quarterly common dividend of 26.5 cents per share. The cash dividend is payable Aug. 15, 2017, to shareholders of record at the close of business on July 14, 2017.

It marks the 374th consecutive quarterly dividend to be paid by Abbott since 1924.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on the 360Dx site.