HTG Molecular Diagnostics, the US-based developer of a molecular profiling platform, filed for an initial public offering on Tuesday that could raise up to $60m.
Founded in 2000, HTG is the creator of an automated platform it claims is capable of simultaneously profiling thousands of molecular targets from samples far smaller than the size required for existing technologies.
Proceeds from the IPO will be spent on research and development, staffing, and the development of new applications and profiling panels, while additional funds will go to repaying a $16m loan secured from Silicon Valley Bank and Oxford Finance in October this year.
Pharmaceutical firm Novo is HTG’s largest shareholder and owns a 24.8% stake in the company, while SR One, the corporate venturing unit of pharmaceutical company GlaxoSmithKline, holds 19.6% and another drug company, Merck, holds 19.5%.
HTG’s other notable shareholders are Fletcher Spaght Ventures, which holds a 12.3% stake, Solstice Capital (a 6.1% stake) and Valley Ventures (5.6%). It has raised about $50m in funding altogether, according to its SEC filings.
Leerink Partners, Canaccord Genuity and JMP Securities are the underwriters for the offering, which will take place on Nasdaq.