OpGen Announces Preliminary Unaudited Revenue and Cash Position for Second Quarter 2022 and Provides Business Update
July 08 2022 - 7:30AM
OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine company
harnessing the power of molecular diagnostics and bioinformatics to
help combat infectious disease, announced today that total
preliminary unaudited revenue for the second quarter of 2022 was
approximately $1.0 million, up from $0.8 million in the second
quarter of 2021. Cash as of June 30, 2022 was approximately $16.6
million.
The company announced accomplishment of the
following key milestones and recent developments in the second
quarter:
- OpGen signed its first commercial
customer contract for the Acuitas AMR Gene Panel in June 2022
- OpGen commenced a new At The Market
(ATM) sales facility for up to $ 10.7 million, pursuant to which
the company may sell, from time to time, in an “at the market”
offering shares of its common stock
- OpGen and Menarini expanded their
distribution agreement to increase annual minimum revenue
commitment by Menarini in the coming two years as well as a sale of
the entire pool of installed Unyvero systems across nine European
countries at residual fair market value from Curetis to
Menarini
- OpGen announced interim analysis
results from clinical trial for Unyvero Urinary Tract Infection
Panel
- OpGen announced 1,000th patient
sample enrolled in clinical trial for Unyvero Urinary Tract
Infection Panel
- OpGen announced publication of
results from major clinical study using Unyvero Hospitalized
Pneumonia (HPN) Panel in The Lancet Respiratory Medicine
- OpGen announced publication of
results of Unyvero Hospitalized Pneumonia Panel for detection of
bacterial respiratory tract pathogens from serial specimens
collected from hospitalized COVID-19 patients
- OpGen’s subsidiary Curetis and
Leader Life Sciences entered into a Unyvero distribution
partnership for U.A.E. and Qatar
- OpGen subsidiary Ares Genetics
extended its collaboration agreement with Sandoz to drive
cutting-edge digital solutions in global fight against
antimicrobial resistance (AMR)
- Ares Genetics also commercially
launched new sequencing and analysis services globally
- Curetis announced the restructuring
of its debt with the European Investment Bank
Mr. Schacht commented, “We are excited by the progress made in
the second quarter, especially the fact that in June we signed the
first commercial contract for our Acuitas AMR Gene Panel in the
U.S. with a major hospital in the Northeast, the expansion of our
distribution partnership with Menarini with significantly increased
annual minimum revenue commitments by Menarini along with the
agreement whereby Menarini has purchased the entire European pool
of Unyvero systems across 9 countries from us at residual fair
market value.”
The preliminary Q2-2022 financial results are
estimates prior to the completion of OpGen’s financial closing
procedures and review procedures by its external auditors and
therefore may be subject to adjustment when the actual results are
available.
About OpGen, Inc.
OpGen, Inc. (Rockville, MD, USA) is a precision
medicine company harnessing the power of molecular diagnostics and
bioinformatics to help combat infectious disease. Along with our
subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are
developing and commercializing molecular microbiology solutions
helping to guide clinicians with more rapid and actionable
information about life threatening infections to improve patient
outcomes, and decrease the spread of infections caused by
multidrug-resistant microorganisms, or MDROs. OpGen’s product
portfolio includes Unyvero®, Acuitas® AMR Gene Panel and the ARES
Technology Platform including ARESdb®, using NGS technology and
AI-powered bioinformatics solutions for antibiotic response
prediction.
For more information, please visit www.opgen.com.
Forward-Looking Statements
This press release includes statements regarding
OpGen’s second quarter 2022 results and the current business of
OpGen. These statements and other statements regarding OpGen’s
future plans and goals constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and are intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to risks and uncertainties that are often difficult to
predict, are beyond our control, and which may cause results to
differ materially from expectations. Factors that could cause our
results to differ materially from those described include, but are
not limited to, the success of our commercialization efforts, our
ability to successfully, timely and cost-effectively develop, seek
and obtain regulatory clearance for and commercialize our product
and services offerings, the rate of adoption of our products and
services by hospitals and other healthcare providers, the fact that
we may not effectively use proceeds from recent financings, the
continued realization of expected benefits of our business
combination transaction with Curetis GmbH, the continued impact of
COVID-19 on the Company’s operations, financial results, and
commercialization efforts as well as on capital markets and general
economic conditions, our ability to satisfy debt obligations under
our loan with the European Investment Bank, the effect of the
military action in Russia and Ukraine on our distributors,
collaborators and service providers, our liquidity and working
capital requirements, the effect on our business of existing and
new regulatory requirements, and other economic and competitive
factors. For a discussion of the most significant risks and
uncertainties associated with OpGen's business, please review our
filings with the Securities and Exchange Commission. You are
cautioned not to place undue reliance on these forward-looking
statements, which are based on our expectations as of the date of
this press release and speak only as of the date of this press
release. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
OpGen:Oliver SchachtPresident and
CEOInvestorRelations@opgen.com
OpGen Press Contact:Matthew
Bretzius FischTank Marketing and PR
matt@fischtankpr.com
OpGen Investor Contact:Alyssa
FactorEdison Groupafactor@edisongroup.com
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