NEW YORK – OpGen reported Tuesday preliminary first quarter 2020 revenues of $617,000, down 38 percent from $1 million in the first quarter of 2019.
OpGen's first quarter revenues exclude revenue from Curetis, which it acquired on April 1.
Revenue from the Acuitas AMR Gene Panel and Acuitas Lighthouse informatics platform was approximately $254,000 for the quarter. Revenue from the company's rapid FISH products decreased to $363,000, it said.
The company's cash assets as of the end of March were $11.5 million, up 326 percent from the $2.7 million in cash OpGen held at the end of 2019.
The Gaithersburg, Maryland-based company noted it has increased working capital through the $5.8 million sale of 2.8 million shares of common stock under the company's at-the-market offering agreement and the $8.1 million sale of 4.1 million shares of common stock from the exercise of warrants from a public offering last year.
OpGen added that its marketing submission of the Acuitas AMR Gene Panel with the US Food and Drug Administration is nearing completion, but the exact timeline of clearance is unclear due to the COVID-19 pandemic. The company submitted its antibiotic resistance test for 510(k) clearance last May, but the FDA has requested additional information.
During the first quarter of 2020, Curetis subsidiary Ares Genetics announced a collaboration to sell BGI's SARS-CoV-2 test in Europe, as well as a deal with Quaphaco to distribute Curetis' Unyvero A50 diagnostic system in Vietnam.
Full financial results from the first quarter will be announced in early May.