OpGen Inc (NASDAQ:OPGN)
Shares of OpGen Inc (NASDAQ:OPGN) were up by 18.75% after the company announced the closing of a $10 million public offering. The company intends to use the net proceeds from the offering to develop its rapid antibiotic resistance diagnostic product and to repay outstanding bridge financing notes.
The offering saw OpGen Inc (NASDAQ:OPGN) issue a total of 18,164,194 units at $0.40 a unit and 6,835,805 units at $0.39 a unit. Each unit issued consists of one share of common stock and one warrant for the purchase of one share of common stock at an exercise price of $0.425 a share. H.C Wainwright & Co LLC acted as the exclusive placement agent for the offering.
“We are pleased this public offering involving new and existing shareholders, as well as members of management, has been completed and look forward to advancing our business strategy,” said Evan Jones, Chief executive officer.
OpGen Inc (NASDAQ:OPGN) is a precision medicine company that leverages the power of informatics and genomic analysis to develop solutions for combatting infectious diseases. The company is also working on providing precise diagnostic information with the help of pathogen surveillance data. It’s deoxyribonucleic acid DNA tests and bioinformatics are designed to address the threat of resistance to antibiotics.
Thermo Fisher Agreement
The company has inked a global supply agreement with Thermos Fisher Scientific technology for the support and commercialization of its rapid molecular products and informatics system. The system is designed to combat multi drug resistant infections. The New York State Department of Health has already approved the use of Acuitas MDRO Gene Test for use by physicians and healthcare providers in the state.
Under the terms of the agreement, OpGen Inc (NASDAQ:OPGN) is to combine its genomic analysis and bioinformatics technology with its peer’s real-time PCR solutions. The integration seeks to make it easier for healthcare providers to rapidly and accurately identify bacterial antibiotic susceptibility.
OpGen Inc (NASDAQ:OPGN) has also been given the go ahead to commercialize its Acuitas Rapid Test for Pathogen id in Thermo Fisher’s PCR system.
“This effort supports our commitment to advancing the latest in molecular testing to help hospitals and health systems rapidly and accurately streamline protocols for informed decision-making in acute care settings,” 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: 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.