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OpGen Files for $6.5M Public Offering of Common Stock

NEW YORK (GenomeWeb) – OpGen plans to offer $6.5 million of its common stock in a public offering, according to a preliminary prospectus filed with the US Securities and Exchange Commission on Friday.

The company has not priced its offering or said when it plans to make the offering. Net proceeds are expected to be about $5.8 million, it said in its SEC document, and will go toward R&D and regulatory activities in support of OpGen's anticipated 510(k) submission to the US Food and Drug Administration for its Acuitas AMR Gene Panel test and the Acuitas Lighthouse Software.

The test is for detecting the common causes of urinary tract infections as well as 47 gene targets that indicate antibiotic resistance.

Proceeds will also be used to commercialize the Acuitas research-use-only products and Acuitas in vitro diagnostic products, if they receive FDA clearance, as well as to invest in manufacturing and operations infrastructure to support the firm's products, and for general corporate purposes including general and administrative expenses, capital expenditures, and working capital needs.

Aegis Capital is listed as the underwriter for the offering.

OpGen reported last week a 23 percent year-over-year drop in its fourth quarter revenues. The company finished 2018 with $4.6 million in cash and cash equivalents.