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OpGen Enters At-Market Agreement to Sell up to $10.7M in Stock

NEW YORK – OpGen said last week that it has entered into an at-the-market sales agreement to sell up to $10.7 million worth of shares through H.C. Wainwright as the sales agent. 

In a filing with the US Securities and Exchange Commission, the firm said the deal allows OpGen to offer and sell up to an aggregate of $10.7 million worth of shares of its common stock at $.01 par value per share. Wainwright will sell the placement shares according to instructions from the company and will receive a commission of 3 percent of the gross sales proceeds. 

OpGen said the aggregate market value of its outstanding common stock was approximately $32.0 million, calculated based on 46,623,618 shares of common stock outstanding as of June 23 and a price per share of $.69. The firm has ended a previous at-the-market agreement with Wainwright and BTIG from 2020 for up to $22.1 million in proceeds.

In a prospectus, also filed with the SEC, the firm said it intends to use the proceeds from the offering to continue commercialization of its Acuitas AMR Gene Panel test, commercialize other products with a focus on the Unyvero platform, and support further development and commercialization of the Ares Genetics database. It will also support directed sales and marketing efforts, invest in manufacturing and operations infrastructure, and repay outstanding debts. The remaining proceeds will be used for working capital and other general corporate purposes.

OpGen also noted in the prospectus that on Feb. 28, it was notified by the Nasdaq that it no longer met the requirement to maintain a minimum closing bid price of $1.00 per share. It has until Aug. 29 to regain compliance but said it does not believe it will do so without a reverse stock split.