OpGen Announces Closing of $3.5 Million Public Offering
May 04 2023 - 4:30PM
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 closing of its previously announced 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 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.
H.C. Wainwright & Co. acted 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,
were 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 were 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
was 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 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 use of net proceeds from the offering.
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 SchachtPresident
and CEOInvestorRelations@opgen.com
OpGen Investor & Press
Contact:Alyssa FactorEdison Group
afactor@edisongroup.com
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