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OpGen Prices $10.4M Private Placement

NEW YORK (GenomeWeb) – Molecular diagnostics firm OpGen has priced a private placement in which it hopes to raise $10.4 million.

The Gaithersburg, Maryland-based firm will issue 9,053,556 units at a price of $1.14375 each, consisting of one share of common stock and a warrant to purchase three quarters of one share. The five-year warrants will be exercisable 90 days after the placement closes, with an exercise price of $1.3125 per share.

OpGen said it plans to use the proceeds to support sales and marketing, R&D for its diagnostic and bioinformatics products and services, as well as general corporate purposes.

OpGen ended 2015 with $7.8 million in cash and cash equivalents following a $17.1 million initial public offering in May 2015. The firm is scheduled to release its first quarter 2016 results after the market closes today.

The firm's Acuitas MDRO test and Acuitas Lighthouse MDRO management software has been supporting an effort by the city of Washington, DC to gauge the prevalence of multidrug-resistant organisms in healthcare facilities.

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