OpGen expects to begin clinical validation studies for the AMR Gene Panel u5.47 for complicated urinary tract infections in Q4.
The company said it achieved important milestones in the development of its first Acuitas Rapid Test and the Acuitas Lighthouse Knowledgebase during the quarter.
The Gaithersburg, Maryland-based firm intends to use the proceeds for general corporate purposes, including working capital and product development.
The firm said it will offer 25 million units consisting of common stock and common warrants at $.40 per unit.
The company's Acuitas test provides information on the presence of 10 MDRO resistance genes in a single sample.
The company previously said that it planned to publicly offer up to $10 million in stocks and warrants. It has not priced the offering yet.
Nasdaq told the firm on Tuesday that its shares failed to maintain a minimum bid price of $1 per share for at least 30 consecutive trading days.
The companies will combine OpGen's Acuitas Rapid Test for Pathogen ID and Thermo Fisher's new mid-throughput real-time PCR system.
The company said it will use the proceeds of the offering for, among other things, development of its Acuitas rapid antibiotic resistance diagnostic product candidate.
The firm does not meet a listing requirement calling for at least $2.5 million in stockholders equity and has 45 days to submit a plan to regain compliance.
The US Food and Drug Administration has new guidelines that enable some gene and cell therapies to undergo expedited review, according to the New York Times.
Using gene drives to control invasive species might be too risky, an initial advocate of the approach says.
In Science this week: intellectual property experts argue patent battles such as the one over CRISPR are wasteful, and more.
Researchers have grown tumors in 3D cell cultures to better understand cancer, the Economist reports.