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OpGen Raises $3.5M in Bridge Financing

NEW YORK (GenomeWeb News) – Optical mapping technology firm OpGen has raised $3.5 million in bridge financing.

A company spokesman said the funds raised are bridge financing under a Series C round, but he declined to provide additional details. In a document filed with the US Securities and Exchange Commission on Thursday, the Gaithersburg, Md.-based firm said that it is targeting $3.7 million in the round.

According to the filing, the types of securities offered were debt; options, warrants, or other rights to acquire another security; and security to be acquired upon exercise of option, warrant, or other right to acquire security.

In December, OpGen said in an SEC document that it had raised $2.1 million in bridge financing. That amount is part of the $3.5 million noted in yesterday's SEC filing, company officials said.

The company spokesman said two months ago that the $2.1 million would go toward commercialization of OpGen's flagship technology called the Argus Optical Mapping System, launched in the spring of 2010, which uses optical mapping technology for whole-genome sequence assembly and finishing.

Thursday's SEC document did not identify participants in the financing, but said that 27 people had invested in the offering.

OpGen raised $20 million in a Series B financing round a year ago.