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OpGen Q1 Revenues More Than Double

NEW YORK (GenomeWeb) – OpGen after the close of the market Wednesday reported a 128 percent increase in its first quarter revenues.

For the three months ended March 31, the Gaithersburg, Maryland-based infectious disease testing and bioinformatics firm reported revenues of $1.1 million, up from $472,200 in the first quarter of 2015. The rise is attributable to sales of AdvanDx diagnostic products and CLIA laboratory services provided using the Acuitas multi-drug resistant organisms testing suite, OpGen Chairman and CEO Evan Jones said in a statement.

Product sales grew by about 414 percent to $947,219 from $184,179 for the first quarter of 2015. Laboratory services added $129,420 to the company's revenues for the quarter, up from $35,241 for the same period last year. There was no revenue from collaborations for the quarter compared to $252,780 a year ago.

OpGen reported a net loss of $4.5 million, or $.36 per share, compared to a loss of $2.8 million, or $5.61 per share, in Q1 of 2015. It used around 12.6 million outstanding shares to calculate its loss per share versus 493,463 shares for Q1 2015, before the firm went public.

OpGen's R&D spending for the quarter was about $2 million, up from $1.1 million year over year, while SG&A expenses climbed to $2.9 million from $1.7 million.

The company had around $4.0 million in cash and cash equivalents at the end of the quarter.

Earlier today, OpGen announced pricing for a private placement in which it hopes to raise approximately $10.4 million.

In Thursday morning trade on the Nasdaq, OpGen shares were up almost 10 percent to $1.13.