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HTG Molecular Diagnostics announced a one-for-fifteen reverse stock split effective at 5:00 p.m. ET on November 20, 2020. From November 23, 2020, its common stock commenced trading on a split-adjusted basis on Nasdaq under the ticker symbol HTGM. The reverse split combined every fifteen pre-split shares into one new share, and stockholders will receive cash for fractional shares. Share ownership details will be provided by the transfer agent, American Stock Transfer & Trust Company. HTG focuses on molecular profiling to advance precision medicine.
HTG Molecular Diagnostics (Nasdaq: HTGM) reported Q3 2020 financial results, showing total revenue of $1.8 million, down from $5.4 million year-over-year due to COVID-19 impacts. Product revenue totaled $1.7 million, down from $4.3 million, while collaborative development services generated $0.1 million, down from $1.1 million. The company posted a net loss of $5.2 million versus $4.6 million last year. Despite challenges, HTG secured a 10-year partnership with QIAGEN and is pivoting towards non-oncology markets to mitigate revenue drops.
HTG Molecular Diagnostics (Nasdaq: HTGM) announced the completion of a proof of concept for a whole transcriptome panel utilizing HTG EdgeSeq technology. This panel aims to measure approximately 20,000 mRNA targets and will have a RUO launch in mid-2021. A White Paper demonstrates its feasibility and performance compared to traditional RNA sequencing, highlighting its accuracy and low sample input needs. The company plans an Early Access Program launch in Q4 2020, expecting the panel to enable further expansion into various diagnostic markets.
HTG Molecular Diagnostics (HTGM) will release its Q3 2020 financial results on November 10, 2020, after market close. Following this, management will hold a conference call at 4:30 PM ET to discuss the results and provide a corporate update. The company specializes in NGS-based molecular profiling using its proprietary HTG EdgeSeq technology, aimed at supporting precision medicine by identifying crucial biomarkers for treatment options.
HTG Molecular Diagnostics (Nasdaq: HTGM) announced the commercial release of HTG EdgeSeq Reveal version 3.0, enhancing its biostatistical analysis suite for research purposes. This update introduces new RUO oncology applications, integrates the HTG EdgeSeq Pan B-Cell Lymphoma Panel, and expands the RUO menu for Thermo Fisher Scientific's NGS platform. Senior Vice President Byron Lawson highlighted the potential of these developments to support translational research and biomarker identification, aiming to advance precision medicine.
HTG Molecular Diagnostics (HTGM) provided an update on its patent infringement claims against BioSpyder Technologies. Following BioSpyder's lawsuit claiming it does not infringe HTG’s U.S. Patent No. 8,741,564, HTG plans to vigorously enforce its patent rights. The company previously offered a potential settlement, which BioSpyder declined. HTG emphasizes the strength of its patents and seeks a fair resolution. HTG specializes in NGS-based molecular profiling, aimed at advancing precision medicine by identifying clinically relevant biomarkers.
HTG Molecular Diagnostics reported its Q2 2020 financial results, revealing a total revenue of $2.0 million, a significant drop from $5.8 million in Q2 2019. This decline was primarily due to the COVID-19 pandemic, which restricted customer operations and shipments. The company incurred a net loss of $5.0 million, slightly higher than the $4.7 million loss in the same quarter last year. Despite challenges, HTG secured a $10 million senior term loan and formed a 10-year partnership with QIAGEN to enhance commercialization capabilities for diagnostic assays.
HTG Molecular Diagnostics (Nasdaq: HTGM) has signed a 10-year Commercialization and Distribution Agreement with QIAGEN Manchester Limited. This agreement aims to enhance global development and commercialization capabilities for companion diagnostic (CDx) assays using HTG's EdgeSeq technology. HTG will engage directly with biopharma customers for CDx developments, utilizing either Illumina or Thermo Fisher Scientific platforms. The partnership is expected to leverage QIAGEN's distribution expertise, ensuring customers can efficiently develop and distribute assays globally.
HTG Molecular Diagnostics (HTGM) will announce its Q2 financial results on August 11, 2020, after market close. Management will discuss these results and provide an update in a conference call at 4:30 PM ET. The company specializes in next-generation sequencing (NGS) molecular profiling, utilizing its HTG EdgeSeq technology to analyze solid and liquid samples for precision medicine. This technology aids in identifying important biomarkers and understanding their clinical relevance.
HTG Molecular Diagnostics (Nasdaq: HTGM) announced the pre-launch of its HTG EdgeSeq Reveal RUO oncology applications, set for global release in late August. This new version 3.0 includes unique oncology applications based on the HTG EdgeSeq Precision Immuno-Oncology Panel, featuring three signatures: Immune Signature, Stroma Signature, and Tumor Microenvironment Signature. These applications aim to enhance researchers' understanding of tumor biology and immune response, leveraging data from over 1,000 tissue samples. The company is focused on advancing precision medicine.
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