Skip to main content
Premium Trial:

Request an Annual Quote

OpGen Enters $15M Registered Direct Offering Agreement

NEW YORK – OpGen announced on Thursday that it has entered a definitive agreement for a registered direct offering for proceeds of $15 million.

Under the agreement with an unnamed single healthcare-focused institutional investor, OpGen will issue an aggregate of 150,000 shares of convertible preferred stock and warrants to purchase an aggregate of 7.5 million shares of common stock.

The shares of preferred stock will have a stated value of $100 per share and are convertible into the 7.5 million shares of common stock at a conversion price of $2 per share any time after the firm has received shareholder approval to increase the number of authorized shares of common stock from 50 million to 100 million.

The warrants have an exercise price of $2.05 per share and will become exercisable six months following the date of issuance. They will expire five years after the initial exercise date, OpGen said in a statement.

The offering is expected to close on Oct. 18, and H.C. Wainwright is acting as the exclusive placement agent for the offering.

The Rockville, Maryland-based company said it will use the proceeds to commercialize its Acuitas AMR Gene Panel test for isolates and to further develop and commercialize its Unyvero platform. It will also use the funds to develop and commercialize its subsidiary Ares Genetics' database solutions and offerings, to repay indebtedness to the European Investment Bank, and for other general corporate purposes.

Earlier this month, OpGen announced that its Acuitas AMR Gene Panel received 510(k) clearance from the US Food and Drug Administration.

The Scan

Call for a Different Tack

Experts weigh the value of recent experiments testing genetically modified pig kidneys using brain-dead individuals, according to Nature News.

Wastewater Warning

The New York Times reports that wastewater surveillance in some parts of the US point to a possible surge.

Can't Get in the Program

Due to the Northern Ireland protocol dispute, the European Union is preventing UK researchers from joining the Horizon Europe research program, the Times of London reports.

Science Paper on Spatial-Controlled Genome Editing

In Science this week: approach to enable a CRISPR-Cas13a-based system to be used as a cancer therapy.