Under deal, HTG will sell to or through Cowen from time to time $40 million of its common stock though it is not obligated to sell any shares.
The firm's revenues rose to $21.5 million from $14.8 million in 2017, driven by expansion of its biomarker profiling services business and collaborative program.
The company said it continues to see volatility in the timing of its collaboration revenues but is confident in the long-term growth of its biopharma business.
Excluding IPOs, the funding environment for private venture-backed financing Dx deals in the US and Europe was remarkably similar in 2018 to 2017, according to Silicon Valley Bank.
HTG missed the analysts' average estimate on the top line but beat expectations on the bottom line. It guided to full-year 2018 revenues of $21 million to $25 million.
ACT Genomics said this week it has completed a round of equity financing from a group of international investors that was co-led by CLSA Capital Partners.
The revenue growth was primarily driven by HTG's collaborative development services activities with pharmaceutical partners including Qiagen.
Analyst Puneet Souda said HTG has a growing funnel of biopharma projects that have the potential to convert to companion diagnostics with regulatory approval.