NEW YORK (GenomeWeb) – OpGen said today that it has closed its previously announced $10 million public offering consisting of more than 18 million units of common stock at $.40 per unit and about 6.8 million prefunded units at $.39 per unit.
Each unit includes one share of common stock and one warrant to purchase one share of common stock at an exercise price of $.425 per share. Each prefunded unit included one prefunded warrant to purchase one share of common stock for an exercise price of $.01 per share, and one warrant to purchase one share of common stock at an exercise price of $.425 per share. The common warrants are exercisable immediately and have a five-year term from the date of issuance.
The Gaithersburg, Maryland-based firm intends to use the proceeds for general corporate purposes, including working capital and product development, particularly development of its rapid antibiotic resistance diagnostic product.
OpGen said it also plans to use the proceeds to repay all outstanding bridge financing notes.
The company recently announced that the New York State Department of Health approved its Acuitas MDRO Gene Test for use by doctors and healthcare providers in the state to detect 10 resistance genes in multidrug-resistant organisms from patient samples.