OpGen

The Nasdaq has told the firm that it is in compliance with all applicable listing standards and that its meeting with a hearings panel has been cancelled.

The firm said it will use the net proceeds for R&D, including the continued development of its Acuitas AMR gene panels.

The company is taking the step to continue listing its shares on the Nasdaq, which had warned OpGen that did not meet a listing requirement calling for a minimum bid price of $1 per share. 

OpGen had previously been warned by Nasdaq that it failed to meet listing requirements. Last week, the firm was told that it was ineligible for an extension to regain compliance.

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.