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OpGen Files to Sell Up to $11.5M of Common Stock

This article has been updated to include information from a second SEC filing, filed by OpGen on Sept. 14.

NEW YORK (GenomeWeb) – OpGen late Wednesday filed a prospectus with the US Securities and Exchange Commission to sell up to $25 million of its common stock through Cowen and Co. on the Nasdaq, with initial sales to be limited to $11.5 million.

The firm said it will use the proceeds for research, development, product manufacturing, and other general corporate purposes. Cowen will be paid 3 percent of the gross proceeds of any stock sold as an underwriting commission.

In August, the firm reported that its second-quarter revenues had more than tripled year over year, thanks largely to increased sales of its rapid pathogen ID molecular diagnostic products. At the time, the company said its long term goal was to develop a one-hour rapid ID test to help physicians make antibiotic treatment decisions, and noted that Merck is now a "significant stockholder." Its R&D costs had risen 130 percent to $2.3 million from $1.0 million due to lab expenses and costs of developing the QuickFISH rapid pathogen ID test. The firm also reported it had closed a previously announced $10.4 million placement, with Merck Global Health Innovation Fund and Sabby Management as lead investors.

OpGen's stock closed at $1.69 per share on Wednesday trading on the Nasdaq.