NEW YORK (GenomeWeb) – Microbial genetics analysis firm OpGen filed a prospectus on Tuesday for an initial public offering to raise up to about $37 million.
The Gaithersburg, Md.-based company has not priced its shares yet or said how many shares it plans to offer. It intends to list on the Nasdaq Capital Market under ticker symbol "OPGN." The Maxim Group is listed on OpGen's Form S-1 filed with the US Securities and Exchange Commission as the underwriter for the offering.
Founded in 2002 by Stan Rose and researchers at the University of Wisconsin, New York University, and Cold Spring Harbor Laboratory, OpGen initially focused on developing an optical mapping technology for whole-genome analysis applications. In June 2010, it launched the Argus Optical Mapping System for microbial whole-genome analysis.
More recently, it has expanded into developing screening and diagnostics technologies for multi-drug resistant organisms (MDRO), and currently has two products on the market for such applications, the Acuitas MDRO Gene Test, and the Acuitas CR Elite Test.
The Acuitas MDRO test was launched in the first half of 2014 as a CLIA-based test that provides information about 10 MDRO resistance genes from a single patient specimen. The genes are associated with carbapenem-resistant Enterobacteriaceae, extended spectrum beta lactamase, and vancomycin-resistant enterobacteria organisms.
The Acuitas CR test, launched in December, combines the Acuitas MDRO test with microbiological analysis.
Another technology, the Acuitas Lighthouse MDRO bioinformatics platform, is currently in development and is slated for a launch in the third quarter of this year. The system would provide detailed molecular information about a patient's resistance profile from the Acuitas MDRO Gene test and integrate that information with other patient and hospital-wide data, resulting in improved patient outcomes and reduced costs to hospitals, OpGen said in its SEC document.
The company also provides real-time PCR-based testing services for Clostridium difficile and for methicillin-resistant Staphylococcus aureus. In the fall, OpGen and Hitachi High Technologies launched an early-access program to test a human chromosome mapping analytical service for clinical and life science research.
It said in its Form S-1 that it had $4.1 million in revenues with a net loss of $5.7 million in 2014. As of Dec. 31, 2014 OpGen had $750,000 in cash and cash equivalents.
In a document filed with the SEC last week, the company said it raised $1.2 million toward a targeted $1.5 million financing round.
OpGen is the second firm in the omics life sciences tools and molecular diagnostics space to file for an IPO this week, joining RainDance Technologies, which plans to raise up to $60 million in a proposed IPO.