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OpGen

The German diagnostics firm recently signed an agreement to be acquired by US-based OpGen in a transaction that is slated to close in early 2020.

The combined firm will be based in Gaithersburg, Maryland and will focus on infectious disease diagnostics and antimicrobial resistance prediction services. 

The disclosure comes less than a week after the company said that it was out of compliance with the Nasdaq's minimum shareholder equity requirement.

Nasdaq told the company that as of June 30 its shareholder equity does not meet the minimum $2.5 million required for its shares to remain listed on the exchange.

The firm provided updates on its bacterial pathogen detection and antimicrobial resistance testing for bacterial isolates and a direct-from-urine test.

The Gaithersburg, Maryland-based company continues to await US Food and Drug Administration clearance for its antimicrobial resistance test.

The company also reported a jump in its first quarter net loss as operating expenses climbed on higher research and development spending.

The PCR-based test is designed to detect 47 antibiotic resistance genes in less than three hours from bacterial isolates to help guide treatment decisions.

Proceeds will be used for the anticipated regulatory submission of its gene panel test for urinary tract infections and drug resistance, among other things.

In an SEC document, the company said net proceeds are expected to be $5.8 million and will be used to support an anticipated submission to the FDA, among other things.

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