NEW YORK — OpGen reported after the close of the market Wednesday a 17 percent increase in its third quarter revenues as it prepares for the planned merger with German diagnostics firm Curetis next year.
For the three-month period ended Sept. 30, OpGen posted revenues of $648,220 versus year-ago revenues of $552,221. Third quarter product sales rose 6 percent to $573,035 from $539,856, while the Gaithersburg, Maryland-based firm posted $75,000 in revenues from collaborations versus no such revenues in the same period last year.
OpGen's net loss in the quarter climbed to $3.5 million, or $3.95 per share, from $3.3 million, or $10.67 per share, the year before.
Its R&D spending in the third quarter fell 15 percent to $1.1 million from $1.3 million as SG&A costs dropped 9.5 percent to $1.9 million from $2.1 million. The company, however, recorded $538,061 in transaction costs in the third quarter that it did not have in the year-ago quarter.
In early September, OpGen announced that it had entered into a definitive agreement to acquire Curetis. As part of that transaction, OpGen agreed to provide short-term funding to Curetis, and recently priced a $9.4 million stock and warrant offering to generate the funds needed to close the deal.
At the end of September, OpGen had cash and cash equivalents totaling $626,420.
Looking ahead, OpGen said it expects to complete the Curetis acquisition in the first quarter of next year.
It also said that it anticipates receiving US Food and Drug Administration clearance for its Acuitas AMR Gene Panel and associated Lighthouse software for the detection of antibiotic resistance in bacterial isolates, but did not provide an expected timeframe. The test and software were submitted to the agency in May, but the company received a request for additional information a few months later.
OpGen is also developing the Acuitas AMR Gene Panel Urine and related software for rapid testing of urine specimens and prediction of antibiotic resistance to front-line antibiotics.