Recognizes More Than $1 Million of HTP Revenue Through November 2021TUCSON, Ariz., Dec. 09, 2021 (GLOBE NEWSWIRE) — HTG Molecular Diagnostics, Inc. (Nasdaq: HTGM) (HTG), a life science company advancing precision medicine through its innovative transcriptome-wide profiling technology, announced that it has exceeded $1 million of revenue recognized from sales of its HTG Transcriptome Panel (HTP) as of November 30, 2021. HTP was launched with commercial availability in the United States and Europe in early August 2021.
A highly versatile technology intended to be used for profiling disease, identifying new drug targets, developing molecular classification tools, and biomarker discovery, HTP is designed to measure approximately 20,000 mRNA targets using the proprietary HTG EdgeSeqTM technology. HTG’s panel reduces sample input requirements, is less sensitive to sample age, and provides faster turnaround times than other, currently available methods. HTP has also been shown to have a higher sample success rate than RNA-Seq for gene expression profiling. Further information regarding HTP’s features and benefits are available in a series of White Papers describing the panel’s feasibility testing, design and development, and verification data since mid-2020 are available here.
“We believe achieving this sales milestone in this relatively brief period of time underscores the tremendous excitement among both pharma and academic customers about the potential of this technology,” said Byron Lawson, Senior Vice President and Chief Commercial Officer. “Beyond the revenue, we continue to receive outstanding feedback about the panel’s benefits, which include low sample requirements, robustness, ease of workflow and accuracy. We look forward to continued and new collaborations with our customers at the front lines of discovery, leveraging our technology to break new ground across a wide spectrum of research areas.”
Revenue recognized through November 2021 has been generated from just 16% of HTG’s current customer base, with nearly all revenue coming from kits purchased by customers who have previously acquired an HTG EdgeSeq instrument for use in their facilities. In addition, while the majority of participants in HTG’s Early Adopter Program for HTP were academic institutions, approximately 50% of the revenue recognized through November 2021 has been from biopharma customers, highlighting the diversity of customer segments investing in and using this new and exciting product.
HTG is accelerating precision medicine from diagnosis to treatment by harnessing the power of transcriptome-wide profiling to drive translational research, clinical diagnostics and targeted therapeutics across a variety of disease areas.
Building on more than a decade of pioneering innovation and partnerships with biopharma leaders and major academic institutes, HTG’s proprietary RNA platform technologies are designed to make the development of life science tools and diagnostics more effective and efficient and to unlock a differentiated and disruptive approach to transformative drug discovery. For more information visit www.htgmolecular.com.
Safe Harbor Statement:
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the capabilities and market potential of HTP, and new collaborations. Words such as “designed to,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements necessarily contain these identifying words. These forward-looking statements are based upon management’s current expectations, are subject to known and unknown risks, and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation, risks associated with the impact of the COVID-19 pandemic on us and our customers; the risk that HTP may not provide the benefits that we expect; risks associated with our ability to develop and commercialize our products, including HTP; the risk that HTP or our other products and services may not be adopted by biopharmaceutical companies or other customers as anticipated, or at all; our ability to manufacture our products to meet demand; competition in our industry; additional capital and credit availability; our ability to attract and retain qualified personnel; and product liability claims. These and other factors are described in greater detail in our filings with the Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, as filed with the SEC on November 10, 2021. All forward-looking statements contained in this press release speak only as of the date on which they were made, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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Phone: (617) 430-7577