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OpGen Files to Sell $10M in Stock, Warrants

NEW YORK (GenomeWeb) – Microbial genetics analysis firm OpGen on Wednesday filed with the US Securities and Exchange Commission to publicly sell up to $10 million in stock and warrants.

The company did not provide an offering price or specify how many shares and warrants it plans to sell. During mid-morning trading on the Nasdaq, shares of OpGen were up about 1 percent at $.67. 

OpGen, which went public in mid-2015, said in the SEC filing that it intends to use the proceeds of the offering for general corporate purposes, including working capital and product development, particularly development of its Acuitas rapid antibiotic resistance diagnostic product candidate.

As of May 30, OpGen had cash and cash equivalents totaling $764,388. The company added that money from the offering may also be used to repay a portion of $1.5 million in bridge financing provided on May 31 by OpGen Chairman and CEO Evan Jones and principal stockholder jVen Capital.