OpGen Announces Pricing of $3.5 Million Public Offering
May 01 2023 - 9:00PM
OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision
medicine company harnessing the power of molecular diagnostics and
bioinformatics to help combat infectious disease, today announced
the pricing of a public offering of an aggregate of 4,495,825
shares of its common stock (or pre-funded warrants in lieu thereof)
and common stock purchase warrants to purchase up to 4,495,825
shares of common stock at a combined public offering price of
$0.7785 per share (or pre-funded warrant in lieu thereof) and
accompanying warrant. The warrants will have an exercise price of
$0.7785 per share, will be exercisable beginning on the effective
date of stockholder approval of the issuance of the shares upon
exercise of the warrants, and will expire five years from the date
of stockholder approval. The closing of the offering is expected to
occur on or about May 4, 2023, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds from the offering, before
deducting the placement agent's fees and other offering expenses,
are expected to be approximately $3.5 million. The Company
intends to use the net proceeds from this offering to: (i) support
continued commercialization of our FDA-cleared Acuitas AMR Gene
Panel test for isolates in the U.S.; (ii) commercialize our
products with a focus on the Unyvero Platform and diagnostic tests;
(iii) support continued research and development, clinical trials
and regulatory submissions for our Unyvero products; (iv) support
further development and commercialization of the Ares Genetics
database and service offerings; (v) support directed sales and
marketing efforts to the customers and collaborators for our
products and services; (vi) invest in manufacturing and operations
infrastructure to support sales of products; and (vii) repay
certain outstanding indebtedness of the Company and its
subsidiaries. We intend to use the remaining net proceeds for
working capital and other general corporate purposes.
The securities described above are being offered
pursuant to a registration statement on Form S-1 (File No.
333-271190), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on May 1, 2023. The offering
is being made only by means of a prospectus which forms a part of
the effective registration statement. A preliminary prospectus
relating to the offering has been filed with the SEC. Electronic
copies of the final prospectus, when available, may be obtained on
the SEC’s website at http://www.sec.gov and may also be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail
at placements@hcwco.com.
The Company also has agreed to amend certain
existing warrants to purchase up to an aggregate of 6,396,903
shares of the Company’s common stock that were previously issued in
February 2018 through January 2023 and have exercise prices ranging
from $2.65 to $7.54 per share, effective upon the closing of the
offering, such that the amended warrants will have a reduced
exercise price of $0.7785 per share, will be exercisable beginning
on the effective date of stockholder approval of the issuance of
the shares upon exercise of the warrants, and will expire five
years from the date of stockholder approval.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About OpGen, Inc.
OpGen, Inc. (Rockville, Md., U.S.A.) 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 current
product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the
ARES Technology Platform including ARESdb, NGS technology and
AI-powered bioinformatics solutions for antibiotic response
prediction including ARESiss, ARESid, ARESasp, and AREScloud, as
well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test
kit.
For more information, please visit
www.opgen.com.
Forward-Looking Statements
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.
Forward-looking statements may include, without limitation,
statements regarding the consummation of the offering, the
satisfaction of the closing conditions of the offering and the use
of net proceeds therefrom. 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 this financing or other financings,
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,
the receipt of stockholder approval under Nasdaq rules in
connection with the warrants, 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 Schacht President
and CEO InvestorRelations@opgen.com
OpGen Investor & Press
Contact: Alyssa Factor Edison Group
afactor@edisongroup.com
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