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.
A brief recap of Diagnostics news the week of Aug 20, 2018: Co-Diagnostics, Celcuity, Agilent Technolgoies, HTG Molecular Diagnostics, Toolbox Medical Innovations, Bio-Techne.
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.
Qiagen terminated the first project for an NGS-based clinical trial assay after its pharmaceutical partner's phase II drug trial failed to meet its endpoint.
The revenue increase was primarily driven by collaborative development services activities with partners including Qiagen.
HTG Molecular will provide Firalis with technology and components to support its commercialization of a rheumatoid arthritis theranostic assay.
The company ended 2017 with $10 million in cash and cash equivalents, and raised $40 million in a public offering in January.
The company's revenues were primarily driven by its various collaborations, which include ones with Qiagen and Merck KGaA.
The company said it anticipates using net proceeds for working capital and general corporate purposes.