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OpGen Prices $3.2M Stock Offering

NEW YORK (GenomeWeb) – OpGen announced today that it has priced its public offering of approximately 2.2 million shares of its common stock at an offering price of $1.45 per share.

The firm expects to raise $3.2 million in gross proceeds.

OpGen said it intends to use the net proceeds of the offering for research and development, including the continued development and manufacturing of its Acuitas AMR Gene panel assays and Acuitas Lighthouse software. The firm released the Acuitas Gene Panel u.547 Test as a research use only tool earlier this year.

The company will also use the net proceeds to support acquisitions of products and technologies, and for capital expenditures, working capital, and other general corporate purposes.

OpGen has also granted underwriters a 45-day option to acquire an additional 330,751 shares to cover overallotments linked to the offering. Aegis Capital acted as the sole book-running manager for this offering, which is expected to close on or about Oct. 22.

OpGen announced last month that it has partnered with the New York 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.

OpGen's shares were down 18 percent to $1.38 in morning trading on the Nasdaq.