NEW YORK — Molecular diagnostics firm OpGen on Tuesday said it has signed a definite agreement to sell $10 million in stock and warrants to an unnamed US-based healthcare-focused institutional investor.
Through the private placement, OpGen would sell 2,245,400 shares of its common stock and an equal number of common warrants to purchase an additional 2,245,400 shares. Additionally, the company would sell 2,597,215 prefunded warrants, each exercisable for one share of common stock, and 2,597,215 common warrants to purchase up to the same number of shares of common stock.
Each share of common stock and accompanying common warrant are being sold together at a combined offering price of $2.065, and each prefunded warrant and accompanying common warrant are being sold together at a combined offering price of $2.055.
The prefunded warrants will be immediately exercisable at $.01 each, while the common warrants may be exercised at $1.94 per share beginning six months after they are issued.
OpGen said it expects the transaction to close around Wednesday. AGP/Alliance Global Partners is acting as sole placement agent for the deal.
On Tuesday evening, the Gaithersburg, Maryland-based company said in a document filed with the US Securities and Exchange Commission that net proceeds from the offering will be used for R&D and regulatory activities to support its 510(k) submissions for its Acuitas AMR Gene Panel Test, and to commercialize its products, including the Acuitas AMR Gene Panels, and its Unyvero platform and diagnostic tests.
Proceeds will also go toward further development and commercialization of its Ares Genetics database and Acuitas Lighthouse sofware and to invest in manufacturing and operations infrastructure to support product sales. Remaining proceeds will be used for working capital and other general corporate purposes.
Earlier this month, Gaithersburg, Maryland-based OpGen reported finishing the third quarter with $10.5 million in cash and cash equivalents.