TUCSON, Ariz.--(BUSINESS WIRE)--HTG, Inc., provider of molecular technology solutions, today announced the closing of a Series D financing round led by new investor Novo A/S. Fletcher Spaght Ventures (FSV) also a new investor, joined the round along with existing investors Merck Capital Ventures, Solstice Capital and Valley Ventures.
The new financing will be used to fuel the growth and adoption of HTG’s multi-plex gene expression testing platform for validation and clinical applications across different therapeutic areas. HTG’s qNPA platform is in use at major academic and cancer research centers as well as big pharma. This cash infusion will help drive additional utilization across these areas as well as into new high growth molecular diagnostic opportunities. The company will also be looking to hire additional personnel in 2011 including sales and marketing, operations and development scientists with particular experience working in diagnostics.
“HTG had a breakthrough year in 2010 achieving significant milestones in our commercial adoption, expanding our product solutions and building a pipeline of diagnostic tests and we are now positioned to accelerate our momentum, “said TJ Johnson, chief executive officer, HTG. “The financial investment, and confidence, from both new, and current investors, is a true testament to our management team’s ability to execute against our growth plans and bring the value of HTG’s testing platform beyond the research phase into the clinical setting.”
“Novo Ventures is thrilled to collaborate with the management team at HTG and we have been very impressed with the company’s ability to execute despite limitations prior to this round of financing,” said Peter Bisgaard, partner, Novo A/S. “HTG’s technology platform offers considerable benefits especially in formalin-fixed paraffin-embedded (FFPE) tissue samples which are particularly difficult to evaluate. This technology is a cost-effective, valuable tool in the ultimate pursuit of personalized medicine options for patients.”
“Fletcher Spaght Ventures is pleased to become an investor in HTG. HTG’s breakthrough technology represents enormous potential to facilitate the work of life science researchers as well as healthcare clinicians,” said Molly Hoult, director, Fletcher Spaght Ventures. “The company has an experienced management team and a knowledgeable, supported investment syndicate. We look forward to assisting HTG with its objective of developing a world-class company.”
About HTG
HTG is a leading provider of molecular-based solutions for gene expression profiling, miRNA and mRNA measurement, translational medicine and diagnostic applications. The Company’s qNPA™ molecular technology platform is well-suited for reliably detecting small, yet important, changes in gene expression levels in a variety of sample types. Privately-held HTG is based in Tucson, Arizona. Additional information is available at www.htgenomics.com.