Tucson-based biotech firm HTG Molecular Diagnostics has filed for Chapter 11 bankruptcy, with plans to operate as it works out a plan to pay its debts.
Tucson-based biotech firm HTG Molecular Diagnostics has filed for Chapter 11 bankruptcy protection, with plans to continue operations as it works out a plan to pay its debts.
The company's stock has traded as high as $24 per share in the past year but finished at 51 cents on Wednesday. For 2022, HTG posted a net loss of $21.6 million on revenue of $6.4 million. The company’s biggest unsecured creditor is NuvoGen Research, a Tucson-based company that sold HTG cancer-testing technology in 2001. HTG says it still owes NuvoGen about $3.7 million from the $15 million deal.
McMeans said HTG’s new drug-discovery system has already identified two promising drug targets for treatment of cancer and neurodegenerative diseases, including a drug target for a type of leukemia that could be ready for preclinical development by next year.
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