OpGen Inc (NASDAQ:OPGN)
OpGen Inc (NASDAQ:OPGN) shares traded higher after the company presented the results of their Acuitas study. The Acuitas® AMR Gene Panel u5.47, and the Acuitas Lighthouse® are being developed for the prediction of antibiotic susceptibility. The stock was up by 1.33% in Friday’s trading session to end the week at $0.304 a share.
Antibiotics Susceptibility Tests
OpGen Inc (NASDAQ:OPGN) presented at the 2017 ASM/ESCMID Conference on Drug Development to Meet the Challenge of Antimicrobial Resistance and included data based on the analysis of the Merck Study for Monitoring Antimicrobial Resistance Trends or SMART. OpGen Inc (NASDAQ:OPGN) is developing Acuitas AMR Gene Panel as a research use only semi-quantitative PCR for the detection of five bacterial pathogens in clinical isolates and urine specimens.
“We are encouraged by the development data for Acuitas Lighthouse Knowledgebase prediction algorithms currently in development. The results from this study suggest the AMR Gene Panel can potentially aid in the rapid detection of resistance genes days ahead of antibiotic susceptibility testing,” said Terry Walker, Ph.D., OpGen Inc (NASDAQ:OPGN)’s senior vice president of research and development.
Last week’s rally did little to reverse a strong downtrend that has engulfed OpGen Shares. The stock is currently trading at the lower end of a tight $0.30-$0.33 trading range closing in on 52-week lows of $0.21 a share. The stock faces immediate resistance at the $0.38 mark, above which it could rise to highs of $0.40 a share.
Q2 Earnings Report
Separately, OpGen Inc (NASDAQ:OPGN) reported a net loss of (-$4.2) million for the three months ended June 30, 2017, compared to a net loss of (-$5.1) million reported last year. The company has embarked on a cost saving drive that seeks to trim operating expenses by 25% – 30%.
Revenue in the quarter fell to $0.7 million from $1.2 million in Q2 2016. Revenue for the first six months of the year came in at $1.5 million compared to $2.3 million for the six months ended June 30, 2016.
During the second quarter, OpGen Inc (NASDAQ:OPGN) completed a $10 million public offering of its common stock in which it generated $8.7 million in net proceeds. The funds are to be used to accelerate the development of the Acuitas Rapid Test and our Acuitas Lighthouse Knowledgebase. The company also entered into a global supply agreement with Thermo Fisher Scientific for the use of their technology to support the commercialization of rapid molecular products and informatics systems.
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: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.