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.
The firm is offering 12.1 million shares of its common stock at a price to the public of $2.90 per share, for expected gross proceeds of $35.1 million.
The project relates to an NGS-based clinical trial assay associated with a sponsored project agreement between Qiagen and an undisclosed pharmaceutical company.
The company said that it expects its fourth quarter revenues will be up as much as 380 percent over the year-ago quarter.
The two companies have signed a new master collaboration agreement under which HTG will develop custom assays for use in earlier stages of Merck's drug development process.