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HTG Molecular Diagnostics (Nasdaq: HTGM) announced that three of its Research Use Only (RUO) assays are now compatible with the Thermo Fisher Scientific Ion Torrent Ion S5 NGS platform. This includes the HTG EdgeSeq Precision Immuno-Oncology Panel, Mouse mRNA Tumor Response Panel, and Autoimmune Panel, expanding their assay menu across both Ion Torrent and Illumina platforms. Senior VP Jean Claude Gerard highlighted growing interest in the European market, while Chief Commercial Officer Byron Lawson noted that this sequencer-agnostic approach facilitates technology adoption for laboratories.
HTG Molecular Diagnostics (HTGM) announced the launch of the HTG EdgeSeq Pan B-Cell Lymphoma Panel, now available in the US and Europe. This research-use only panel enables the molecular characterization of various lymphomas by measuring gene expression. Featuring around 300 genes related to aggressive lymphomas, it aims to aid in accurate diagnosis and treatment options. The development benefited from high interest and collaboration with key partners. The panel is compatible with both Illumina and Thermo Fisher Scientific platforms, enhancing research capabilities in precision medicine.
HTG Molecular Diagnostics (Nasdaq: HTGM) announced the recipients of its 2020 HTG EdgeSeq Autoimmune Panel Research Grants, Dr. Vinodh Pillai and Dr. Thomas Dörner. Dr. Pillai's research focuses on Castleman Disease biomarkers, while Dr. Dörner investigates immune pathways in systemic lupus erythematosus (SLE). HTG provides VERI/O services for their research, aiming to enhance treatment options for autoimmune disorders. The company emphasizes the potential of its HTG EdgeSeq technology in precision medicine, although future advancements are uncertain and involve inherent risks.
HTG Molecular Diagnostics (Nasdaq: HTGM) has secured a $10 million senior term loan from Silicon Valley Bank, replacing its existing credit facility. The funds will pay off a $7 million term loan and a $3 million convertible note. This 42-month loan has interest-only payments until June 30, 2021, with possible extensions. Previously restricted cash of $3.2 million is now available for operations. HTG aims to enhance its core profiling business and expand partnerships in precision medicine with SVB’s support, reinforcing their strategic growth initiatives.
HTG Molecular Diagnostics (Nasdaq: HTGM) announced that its HTG EdgeSeq technology was featured in multiple posters at the AACR 2020 Virtual Meeting. This showcases the platform's growing recognition within the pharmaceutical industry. Notably, two abstracts demonstrated the technology's utility in clinical biomarker studies and gene expression analysis. HTG aims to empower precision medicine through its automated molecular profiling capabilities, which are vital for identifying treatment options. This recognition is part of HTG's ongoing momentum in advancing cancer research.
HTG Molecular Diagnostics (Nasdaq: HTGM) announced the pre-launch of its new HTG EdgeSeq Pan B-Cell Lymphoma Panel, set for commercial availability in July 2020. This research-use-only panel enables molecular characterization of aggressive lymphomas, addressing the need for better subtype identification amidst nearly 600,000 global lymphoma diagnoses annually. The panel builds on the company's existing DLBCL assay, featuring around 300 genes aimed at improving molecular subtyping. HTG's technology is pivotal for precision medicine, with significant potential for researchers and clinical applications.
HTG Molecular Diagnostics (HTGM) has announced three new distributor agreements in the Nordic and Eastern European markets with BioNordika, Explorea, and ELTA 90. These agreements aim to enhance HTG's distribution network and promote its HTG EdgeSeq technology, which supports precision medicine through advanced molecular profiling. Senior executives expressed optimism about reaching new customers and further developing growth opportunities in the region this year. The company focuses on automating molecular profiling from limited samples to identify crucial biomarkers for treatment options.
HTG Molecular Diagnostics (HTGM) reported Q1 2020 financial results, showcasing a revenue decline to $2.2 million from $3.2 million in Q1 2019, due to COVID-19 impacts. Product revenue decreased from $2.7 million to $2.0 million, affected by lab service shutdowns. Collaborative services revenue also dropped from $0.5 million to $0.2 million. The net loss from operations was $5.4 million, slightly higher than the previous year. Cash reserves stood at $32 million with liabilities at $20 million. Despite challenges, HTG aims for growth as conditions stabilize.