Skip to main content
Premium Trial:

Request an Annual Quote

OpGen Sets Price Range for Planned IPO, Targets up to $35.2M in Net Proceeds

NEW YORK (GenomeWeb) – Microbial genetics analysis firm OpGen plans to offer 3.75 million shares of its common stock for its planned initial public offering, the company said in an amended Form S-1 today. 

The company said that it plans to offer its stock at a price between $8 and $10 per share. At the midpoint price of $9, OpGen anticipates the IPO will bring in net proceeds of about $30.5 million, or $35.2 million if the offering's underwriter exercises its overallotment option in full. 

The Gaithersburg, Md.-based firm announced its plans to go public in early March and to list its stock on the Nasdaq Capital Market under ticker symbol "OPGN." The Maxim Group is the underwriter on the offering. 

In its document filed with the US Securities and Exchange Commission today, OpGen said that about $11 million of net proceeds would go toward sales and marketing activities — including the expansion of its sale force to support the ongoing commercialization of its genetic tests for multidrug resistance organisms (MDRO), and its Lighthouse MDRO Management system, which is still under development — and toward working capital and general and administrative purposes. 

The Lighthouse bioinformatics product is slated to launch in the third quarter this year. 

The company also said that about $10 million will be used for R&D related to the Lighthouse platform and other products in the pipeline. The balance of the net proceeds will be used for general and administrative purposes.