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MDx Firm OpGen Prices $7.5M Public Offering

NEW YORK – OpGen on Friday priced its planned public offering of stock and warrants to raise $7.5 million in gross proceeds.

The Rockville, Maryland-based molecular diagnostics firm said it will offer an aggregate of 2,586,207 shares of common stock, or pre-funded warrants in lieu of that stock, Series A-1 warrants to purchase the same number of shares of common stock, and Series A-2 warrants to purchase 2,586,207 shares of common stock at a combined price of $2.90 per share or pre-funded warrant in lieu of the stock and accompanying warrants. The Series A-1 warrants are exercisable immediately upon issuance and expire five years after issuance, and the Series A-2 warrants are exercisable upon issuance and expire 18 months following issuance.

The offering is expected to close on or about Jan. 11, the firm said.

OpGen plans to use the money to support commercialization of its PCR-based Acuitas AMR Gene Panel for genetic markers of antimicrobial resistance and commercialize other products including its multiplex PCR-based Unyvero platform and tests. The money will support the development and commercialization of database and service offerings from its Ares Genetics subsidiary, support other company operations, repay debts, and provide working capital.

OpGen announced on Jan. 4 a 1-for-20 reverse stock split designed to bring the firm back into compliance with the Nasdaq's minimum bid price listing requirement of $1.00 per share. The firm had also said in September it was raising $3.4 million through a direct stock offering intended to support many of the same operations.

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