OpGen Inc (NASDAQ:OPGN)
OpGen Inc (NASDAQ:OPGN) stock traded lower after announcing the approval of its Acuitas MDRO Gene Test by the New York State Department of Health for use by healthcare providers. The stock was down by 6.46% to end Wednesday’s trading session at $0.419 a share. Today, the stock gapped down on the open but has regained some of the lost value.
New York Milestone
It awaits to be seen if the pull back is a minor correction on an upside run given that OpGen Inc (NASDAQ:OPGN) is currently trading in a tight $0.38-$0.419 trading range. The stock continues to trade on a downward trend with immediate resistance at the $1 a share mark.
OpGen Inc (NASDAQ:OPGN) bills itself as a precision medicine company that uses molecular diagnostic and informatics to combat infectious diseases. The company harnesses the power of informatics and genomic analysis to develop solutions for patient and network-wide infection prevention and treatment.
Approval of MDRO Gene Test in New York is a milestone achievement that validates the company’s technology in the detection of multi-drug resistant organisms. The Acuitas MDRO is designed to provide information about the presence of up to ten MDRO resistance gene on patients specimens.
Multi-Drug resistant organisms are a leading cause of healthcare-acquired infections and a major cause of high morbidity and mortality. More than two million Americans acquire such infections every year. Test results from MDRO Gene Test are normally used to identify patients with drug-resistant genes.
“We are pleased to receive approval by the NYSDOH to provide our services to healthcare institutions in NY State. […]By making our testing available to NY State healthcare providers, we hope to help combat the rising Superbug Multi-drug Resistant pathogen issue,” said CEO, Evan Jones.
Thermo Fisher Agreement
OpGen Inc (NASDAQ:OPGN) recently entered into a global supply agreement for the use of Thermo Fisher Scientific’s technology to advance the Acuitas Rapid Test. The company is to combine Thermo Fisher PCR solutions and its bioinformatics technology to help healthcare providers identify antibiotic susceptibility using resistance gene profiles.
Under the terms of the agreement, OpGen Inc (NASDAQ:OPGN) is to commercialize its molecular products and informatics system on Thermo Fisher real-time PCR system. According to the Chief Executive Officer, the partnership should help health systems make better informed decisions in acute care settings.
“Thermo Fisher’s market leading position in PCR, its global install base makes them an ideal partner for our Acuitas Rapid Test,” said Mr. Jones.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.