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OpGen Prices $5.4M Public Offering

NEW YORK (GenomeWeb) — OpGen today priced a public offering of 9 million shares of its common stock at $.60 per share, giving the planned transaction a $5.4 million value.

The Gaithersburg, Maryland-based company said that it has also granted the underwriters of the offering a 45-day option to buy an additional 1.35 million shares to cover overallotments. Aegis Capital acted as the sole bookrunner for the offering, which is expected to close around March 28.

OpGen said it intends to use the proceeds of the offering to support the anticipated US Food and Drug Administration 510(k) submission of its Acuitas AMR Gene Panel test — designed to detect urinary tract infections and antibiotic resistance — and related Acuitas Lighthouse bioinformatics software. Funds will also be used to commercialize the Acuitas research-use-only products and Acuitas in vitro diagnostic products, as well as to invest in manufacturing and operations infrastructure to support the firm's products, and for general corporate purposes including general and administrative expenses, capital expenditures, and working capital needs.

Earlier this month, OpGen filed with the US Securities and Exchange Commission to sell $6.5 million in common stock.

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