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HTG Molecular Diagnostics Files for $20M Stock Offering

NEW YORK – HTG Molecular Diagnostics said in a regulatory document on Thursday that it may offer up to $20 million in shares of its common stock from time to time.

It also signed a sales agreement with Cantor Fitzgerald for the possible sale of the shares, the Tucson, Arizona-based molecular profiling firm said in a document filed with the US Securities and Exchange Commission. 

In September the company publicly offered about 24 million shares of its stock and reached a securities purchase agreement with certain institutional investors that raised $20 million in total.

Earlier this week, HTG said that its third quarter revenues rose 15 percent year over year, and it ended the quarter with $34.8 million in cash and cash equivalents, and $3.0 million in short-term investments.

In October, it was warned by Nasdaq that it was not in compliance with a listing requirement calling for minimum closing bid price of $1 per share.