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HTG Molecular, Cowen Ink $40M Stock Sale Deal

NEW YORK (GenomeWeb) — HTG Molecular Diagnostics said after the close of the market on Wednesday that it has signed a sales agreement with Cowen for the sale from time to time of $40 million of HTG's common stock.

The shares will be sold to or through Cowen though HTG is not obligated to sell any shares under the agreement.

HTG said that net proceeds will be used for working capital and general corporate purposes, including capital expenditures and research and development, sales and marketing, and general and administrative expenses. Net proceeds may also be used to fund acquisitions or investments in businesses, products, and technologies that are complementary to HTG's.

Last week, HTG said that it ended 2018 with $8.4 million in cash and cash equivalents and $22.7 million in short-term investments.