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OpGen Preliminary 2019 Revenues up 19 Percent

NEW YORK – OpGen announced on Wednesday a preliminary 19 percent revenue increase for 2019 to $3.5 million from $3 million in 2018.

Revenue from the company's Acuitas AMR Gene Panel and Acuitas Lighthouse increased 147 percent to approximately $1.4 million, and preliminary operating loss was approximately $12.4 million, down 7 percent from $13.4 million in 2018. OpGen said it will announce its full-year and fourth quarter financial results in March.

Additionally, in documents filed with the US Securities and Exchange Commission Tuesday, OpGen announced an at-the-market offering agreement with HC Wainwright to sell up to $4.2 million of OpGen's shares from time to time.

OpGen said it intends to use the proceeds of the offering to complete its merger with Curetis, provide short-term funding to Curetis for its Unyvero LRT BAL regulatory clearance activities and other R&D operations, and support regulatory activities for OpGen's Acuitas AMR Gene Panel test and Acuitas Lighthouse software, which it said it plans to submit to the US Food and Drug Administration for 510(k) clearance.

The company said if additional proceeds remain, it plans to use them to commercialize the Unyvero platform and diagnostic tests like the Acuitas AMR Gene Panel tests, further develop and commercialize the Ares Genetics database and the Acuitas Lighthouse software, and invest in manufacturing and operations infrastructure.

In early morning trading Wednesday, OpGen's shares were down a fraction of 1 percent on the Nasdaq at $1.75.