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OpGen Closes $12M Public Offering

NEW YORK (GenomeWeb) – OpGen announced today that it has closed its previously announced public offering, raising $12 million in gross proceeds.

The offering comprised about 2.8 million units at $3.25 per unit, and 851,155 pre-funded units at $3.24 per-refunded unit.

Each unit sold is comprised of one share of common stock and one common warrant to purchase one-half of a share of common stock. Each pre-funded unit sold included one pre-funded warrant to purchase one share of common stock at an exercise price of $0.01 per share, in addition to one warrant to purchase one-half share of common stock. Each common warrant has an exercise price of $3.25 per share, is exercisable immediately, and will expire five years from the issuance date.

OpGen intends to use the net proceeds for research and development, to support acquisitions of products and technologies, for capital expenditures, working capital, and other general corporate purposes. The firm said it will plans to fund the continued development and manufacturing of its Acuitas AMR gene panels, including the Acuitas AMR Gene Panel u5.47, which the firm recently released for research use only.

JC Wainwright acted as the sole placement for the offering.

"We expect that the capital from this raise will fund our planned operating activities into 2019 and allows us to focus on executing our growth strategy," OpGen Chairman and CEO Evan Jones said in a statement.

Earlier this month, OpGen announced that it had regained Nasdaq compliance, and that its stock will continue to be listed and traded on the exchange.

OpGen's shares were down 2 percent to $2.45 in early afternoon trading on the Nasdaq.