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OpGen Prices $10M Public Offering

NEW YORK (GenomeWeb) – OpGen announced today that it has priced a previously announced $10 million public offering of 25 million units of common stock and common warrants at $.40 per unit.

Each unit is comprised of one share of common stock, or common stock equivalent, and one common warrant to purchase one share of common stock. Each common warrant has an exercise price of $0.425 per share, is exercisable immediately, and will expire five years from the date of issuance, the company said. The units can only be purchased together in this offering but will be issued separately. 

OpGen said it intends to use the net proceeds for general corporate purposes, including working capital and product development. Specifically, the firm is planning to develop a one- to three-hour antibiotic resistance diagnostic product, and to repay all outstanding bridge financing notes.

The offering is expected to close on or about July 18. H.C. Wainwright is acting as the exclusive placement agent for the offering.

OpGen's shares fell 15 percent to $.36 in morning trading on the Nasdaq.

The company announced yesterday that the New York State Department of Health has approved its Acuitas MDRO Gene Test for use by doctors and healthcare providers in the state to detect 10 MDRO resistance genes in patient samples.