OpGen Announces Pricing of $7.5 Million Public Offering
January 06 2023 - 7:00PM
OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision
medicine company harnessing the power of molecular diagnostics and
bioinformatics to help combat infectious disease, today announced
the pricing of a public offering of an aggregate of 2,586,207
shares of its common stock (or pre-funded warrants in lieu
thereof), Series A-1 warrants to purchase up to 2,586,207 shares of
common stock and Series A-2 warrants to purchase 2,586,207 shares
of common stock, at a combined public offering price of $2.90 per
share (or pre-funded warrant in lieu thereof) and accompanying
warrants. The Series A-1 warrants will have an exercise price of
$2.65 per share, will be exercisable immediately upon issuance and
will expire five years from the date of issuance, and the Series
A-2 warrants will have an exercise price of $2.65 per share, will
be exercisable immediately upon issuance and will expire eighteen
months from the date of issuance. The closing of the offering is
expected to occur on or about January 11, 2023, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds from the offering, before
deducting the placement agent's fees and other offering expenses,
are expected to be approximately $7.5 million. The Company
intends to use the net proceeds from this offering to: (i) support
continued commercialization of our FDA-cleared Acuitas AMR Gene
Panel test for isolates in the U.S.; (ii) commercialize our
products with a focus on the Unyvero Platform and diagnostic tests;
(iii) support further development and commercialization of the Ares
Genetics database and service offerings; (iv) support directed
sales and marketing efforts to the customers and collaborators for
our products and services, (v) invest in manufacturing and
operations infrastructure to support sales of products; and (vi)
repay certain outstanding indebtedness of the Company and its
subsidiaries. We intend to use the remaining net proceeds for
working capital and other general corporate purposes.
The securities described above are being offered
pursuant to a registration statement on Form S-1 (File No.
333-268648), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on January 6, 2023. The
offering is being made only by means of a prospectus which forms a
part of the effective registration statement. A preliminary
prospectus relating to the offering has been filed with the SEC.
Electronic copies of the final prospectus, when available, may be
obtained on the SEC’s website at http://www.sec.gov/ and may also
be obtained by contacting H.C. Wainwright & Co., LLC at 430
Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212)
856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About OpGen, Inc.
OpGen, Inc. (Rockville, MD, U.S.A.) is a
precision medicine company harnessing the power of molecular
diagnostics and bioinformatics to help combat infectious disease.
Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH,
we are developing and commercializing molecular microbiology
solutions helping to guide clinicians with more rapid and
actionable information about life threatening infections to improve
patient outcomes, and decrease the spread of infections caused by
multidrug-resistant microorganisms, or MDROs. OpGen’s current
product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the
ARES Technology Platform including ARESdb, NGS technology and
AI-powered bioinformatics solutions for antibiotic response
prediction including ARESiss, ARESid, and AREScloud, as well as the
Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit.
For more information, please visit
www.opgen.com.
Forward-Looking Statements
These statements and other statements regarding
OpGen’s future plans and goals constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
are intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. Such statements are subject to risks and uncertainties that
are often difficult to predict, are beyond our control, and which
may cause results to differ materially from expectations.
Forward-looking statements may include, without limitation,
statements regarding the consummation of the offering, the
satisfaction of the closing conditions of the offering and the use
of net proceeds therefrom. Factors that could cause our results to
differ materially from those described include, but are not limited
to, the success of our commercialization efforts, our ability to
successfully, timely and cost-effectively develop, seek and obtain
regulatory clearance for and commercialize our product and services
offerings, the rate of adoption of our products and services by
hospitals and other healthcare providers, the fact that we may not
effectively use proceeds from this financing or other financings,
the continued realization of expected benefits of our business
combination transaction with Curetis GmbH, the continued impact of
COVID-19 on the Company’s operations, financial results, and
commercialization efforts as well as on capital markets and general
economic conditions, our ability to satisfy debt obligations under
our loan with the European Investment Bank, the effect of the
military action in Russia and Ukraine on our distributors,
collaborators and service providers, our liquidity and working
capital requirements, the effect on our business of existing and
new regulatory requirements, our ability to realize any anticipated
benefits from the reverse stock split, including maintaining its
listing on the Nasdaq Capital Market and attracting new investors,
and other economic and competitive factors. For a discussion of the
most significant risks and uncertainties associated with OpGen's
business, please review our filings with the Securities and
Exchange Commission. You are cautioned not to place undue reliance
on these forward-looking statements, which are based on our
expectations as of the date of this press release and speak only as
of the date of this press release. We undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
OpGen: Oliver Schacht President
and CEO InvestorRelations@opgen.com
OpGen Press Contact: Matthew
Bretzius FischTank Marketing and PR
matt@fischtankpr.com
OpGen Investor Contact: Alyssa
Factor Edison Group afactor@edisongroup.com
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