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HTG receives $3.4 million in Series B drug discovery, diagnostic financing
TUCSON, Ariz. – HTG, Inc., a provider of novel array-based gene expression assay technology and services to the life sciences industry, has closed $3.4 million in Series B financing.
Solstice Capital, Valley Ventures, Emerging Technology Partners, Deimos Ventures, Village Ventures, members of the Tucson Desert Angels, and HTG founder Bruce Seligmann participated. HTG will use the funds to: further expand manufacturing, sales, and marketing activities; hire additional personnel; and increase product trials in support of its patented ArrayPlate qNPA technology.
"Over the past year, HTG has achieved several important milestones, including the adoption and validation of our technology by major pharmaceutical companies and the addition of highly respected researchers to our scientific advisory board," said HTG President Kirk Collamer. "Industry recognition of our unique product and value proposition now enable us to substantially expand manufacturing operations and marketing activities to capitalize on demand for ArrayPlate qNPA technology."
Solstice Capital President Harry George said: "We think that the big pharmaceutical companies are looking for new tools to accelerate the drug discovery process and we believe that HTG's qNPA technology will win wide adoption. We also like the potential for HTG's technology to enable new molecular diagnostics tests."
Solstice Capital, Valley Ventures, and Village Ventures also participated in HTG's first round of financing in 2002. To date, the company has raised more than $4.6 million.