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OpGen Posts Preliminary Q3 Revenue Decline of 36 Percent

NEW YORK (GenomeWeb) — OpGen said today that it expects to post a 36 percent drop in its third quarter revenues amid a drop in sales of its QuickFISH rapid pathogen diagnostic products.

For the three months ended Sept. 30, OpGen reported preliminary unaudited revenues of $550,000 versus $750,000 in the same period last year — a decline the Gaithersburg, Maryland-based company attributed to lower QuickFISH revenues.

OpGen also noted that it did not receive an expected Q3 payment related to its ongoing contract with the US Centers for Disease Control and Prevention to develop smartphone-based clinical decision support solutions for antimicrobial stewardship and infection control in low- and middle-income countries. That payment is now expected in the fourth quarter.

At the end of the third quarter, OpGen had cash totaling $4.7 million.

Looking ahead, OpGen said that it expects to submit its Acuitas AMR Gene Panel u5.47 — a recently launched research-use-only assay for common causes of urinary tract infections as well as 47 gene targets that indicate antibiotic resistance — to US regulators for 510(k) clearance in late 2018 or early 2019.

"We achieved key milestones in the development of our Acuitas AMR Gene Panel rapid testing and informatics business during the quarter," OpGen CEO Evan Jones said in a statement, adding that the firm recently partnered with the New York State Department of Health and Ilúm Health Solutions — a subsidiary of Merck's Healthcare Services and Solutions — to build an antimicrobial resistance tracking tool for the state healthcare system.

During early morning trading on the Nasdaq, shares of OpGen were up $.02 at $1.91.