Tucson, Ariz.-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, Tucson.com reported. The company, which developed a proprietary platform to rapidly develop molecular drug compounds, plans to exit that business to focus on its own development of new drugs to treat cancer and other diseases, according to bankruptcy filings. In a bankruptcy petition filed June 5 in Delaware, HTG’s corporate domicile, the company listed assets totaling about $6.7 million and debts of about $9 million. HTG, which was founded in 1997 and went public in 2015, was delisted from the Nasdaq Stock Exchange on Thursday. 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.
