OpGen Announces Closing of $7.5 Million Public Offering
12 January 2023 - 8:30AM
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 2,586,207 shares of its common stock (or pre-funded
warrants in lieu thereof), Series A-1 warrants to purchase up to
2,586,207 shares of common stock and Series A-2 warrants to
purchase 2,586,207 shares of common stock, at a combined public
offering price of $2.90 per share (or pre-funded warrant in lieu
thereof) and accompanying warrants. The Series A-1 warrants have an
exercise price of $2.65 per share, are exercisable immediately upon
issuance and will expire five years from the date of issuance, and
the Series A-2 warrants have an exercise price of $2.65 per share,
are exercisable immediately upon issuance and will expire eighteen
months from the date of issuance.
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 $7.5 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
further development and commercialization of the Ares Genetics
database and service offerings; (iv) support directed sales and
marketing efforts to the customers and collaborators for our
products and services, (v) invest in manufacturing and operations
infrastructure to support sales of products; and (vi) 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.
333-268648), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on January 6, 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.
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, 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 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, 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, our ability to realize any anticipated benefits from
the reverse stock split, including maintaining its listing on the
Nasdaq Capital Market and attracting new investors, 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 Press Contact: Matthew
Bretzius FischTank Marketing and PR
matt@fischtankpr.com
OpGen Investor Contact: Alyssa
Factor Edison Group afactor@edisongroup.com
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