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Share Name | Share Symbol | Market | Type |
---|---|---|---|
OpGen Inc | NASDAQ:OPGN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.96 | 1.86 | 1.97 | 0 | 01:00:00 |
“During the second quarter, we continued to execute against OpGen’s highest priority of bringing our novel Acuitas AMR Gene Panel and Acuitas Lighthouse Software to market. We engaged in ongoing dialogue with the FDA regarding our recent 510(k) submission for the Acuitas AMR Gene Panel for use with bacterial isolates. We are encouraged by our interactions with the Agency and we are continuing to work towards receiving our first FDA clearance during 2019,” said Evan Jones, Chairman and CEO of OpGen.
“We are also working to complete two (2) additional FDA pre-market submissions for our lead rapid molecular diagnostic test, the Acuitas AMR Gene Panel Urine, and for the Acuitas Lighthouse Software. We have begun testing to support the AMR Gene Panel Urine submission, and we plan to complete the trials and make an initial FDA submission by year-end or in the first quarter of 2020.”
“Finally, we continued to build commercial momentum in preparation of our anticipated receipt of regulatory clearance. To meet our capital needs, which will enable us to pursue the development and regulatory work to complete our additional FDA filings and, once clearance is received, execute a successful commercial launch, we are considering multiple alternatives ranging from strategic financings to other potential transactions. This consideration includes potential partnering arrangements and business combination transactions in order to obtain sufficient financing so we can continue to deliver distinct and differentiated precision medicine capabilities and maximize our shareholder value.” Evan Jones concluded.
2019 Second Quarter and First Half Financial Results
Business and Operations Outlook
Annual Meeting
We are holding our Annual Meeting of stockholders on August 22, 2019 and are asking our stockholders to approve a reverse stock split proposal to help us maintain our Nasdaq Capital Market listing and position the Company to pursue potential partnering arrangements and business combination transactions.
Conference Call Information
OpGen management will hold a conference call today, August 7, 2019 at 4:30 p.m. ET to discuss second quarter 2019 financial results and other business activities, and answer questions.
Dial-in Information U.S. Dial-In Number: (844) 420-8185 International Dial-In Number: (216) 562-0481 Conference ID: 7288909 Webcast URL: https://edge.media-server.com/mmc/p/6grvivzp
Replay Dial-in Information U.S. Dial-In Number: (855)-859-2056 International Dial-In Number: (404)-537-3406 Conference ID: 7288909
A live webcast of the conference call can be accessed by visiting the Investor Relations section of the company’s website at www.ir.opgen.com. A replay of the webcast will be available shortly after the conclusion of the call for 90 days.
About OpGen
OpGen, Inc. is a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease. We are developing molecular information products and services for global healthcare settings, helping to guide clinicians with more rapid and actionable information about life threatening infections, improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs.
Our molecular diagnostics and informatics products, product candidates and services combine our Acuitas molecular diagnostics and Acuitas Lighthouse informatics platform for use with our proprietary, curated MDRO knowledgebase. We are working to deliver our products and services, some in development, to a global network of customers and partners. The Acuitas AMR Gene Panel (RUO) is intended for Research Use Only and is not for use in diagnostic procedures. The Acuitas Lighthouse Software is not distributed commercially for antibiotic resistance prediction and is not for use in diagnostic procedures. For more information, please visit www.opgen.com.
OpGen, Acuitas, and Acuitas Lighthouse are registered trademarks of OpGen, Inc.
Forward-Looking Statements
This press release includes statements relating to OpGen’s outlook for 2019 and 2020. These statements and other statements regarding OpGen’s future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, our ability to timely and cost-effectively seek and obtain regulatory clearance for and commercialize our product and services offerings, our ability to successfully complete the demonstration project portion of the New York State Infectious Disease Digital Health Initiative, the rate of adoption of our products and services by hospitals and other healthcare providers, the success of our commercialization efforts, the effect on our business of existing and new regulatory requirements, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with OpGen's business, please review our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2018, and subsequent filings. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
OpGen Contact:
Michael FarmerVice President, Marketing (240) 813-1284 mfarmer@opgen.com InvestorRelations@opgen.com
Press Contact:Matthew Bretzius FischTank Marketing and PR matt@fischtankpr.com
Investor Contacts:Joe Green Edison Group jgreen@edisongroup.com
OpGen, Inc. | |||||||||
Condensed Consolidated Balance Sheets | |||||||||
(unaudited) | |||||||||
June 30, 2019 | December 31, 2018 | ||||||||
Assets | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 3,055,894 | $ | 4,572,487 | |||||
Accounts receivable, net | 772,914 | 373,858 | |||||||
Inventory, net | 567,422 | 543,747 | |||||||
Prepaid expenses and other current assets | 178,356 | 292,918 | |||||||
Total current assets | 4,574,586 | 5,783,010 | |||||||
Property and equipment, net | 197,502 | 1,221,827 | |||||||
Finance lease right-of-use assets, net | 984,742 | — | |||||||
Operating lease right-of-use assets | 1,381,830 | — | |||||||
Goodwill | 600,814 | 600,814 | |||||||
Intangible assets, net | 951,458 | 1,085,366 | |||||||
Other noncurrent assets | 241,182 | 259,346 | |||||||
Total assets | $ | 8,932,114 | $ | 8,950,363 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 1,258,908 | $ | 1,623,751 | |||||
Accrued compensation and benefits | 1,190,500 | 1,041,573 | |||||||
Accrued liabilities | 820,667 | 902,019 | |||||||
Deferred revenue | 9,993 | 15,824 | |||||||
Short-term notes payable | 343,330 | 398,595 | |||||||
Short-term finance lease liabilities | 576,322 | 399,345 | |||||||
Short-term operating lease liabilities | 958,992 | — | |||||||
Total current liabilities | 5,158,712 | 4,381,107 | |||||||
Deferred rent | — | 162,919 | |||||||
Note payable | 494,897 | 660,340 | |||||||
Warrant liability | — | 67 | |||||||
Long-term finance lease liabilities | 379,825 | 437,189 | |||||||
Long-term operating lease liabilities | 1,071,677 | — | |||||||
Total liabilities | 7,105,111 | 5,641,622 | |||||||
Commitments | |||||||||
Stockholders' equity | |||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 17,645,720 and 8,645,720 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 176,457 | 86,457 | |||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at June 30, 2019 and December 31, 2018, respectively | — | — | |||||||
Additional paid-in capital | 170,190,415 | 165,313,902 | |||||||
Accumulated other comprehensive loss | (15,217 | ) | (13,093 | ) | |||||
Accumulated deficit | (168,524,652 | ) | (162,078,525 | ) | |||||
Total stockholders’ equity | 1,827,003 | 3,308,741 | |||||||
Total liabilities and stockholders’ equity | $ | 8,932,114 | $ | 8,950,363 | |||||
OpGen, Inc. | |||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||
Revenue | |||||||||||||||||
Product sales | $ | 504,293 | $ | 632,525 | $ | 1,024,470 | $ | 1,266,021 | |||||||||
Laboratory services | 5,250 | 1,100 | 5,250 | 9,790 | |||||||||||||
Collaboration revenue | 500,000 | 155,276 | 1,000,000 | 359,316 | |||||||||||||
Total revenue | 1,009,543 | 788,901 | 2,029,720 | 1,635,127 | |||||||||||||
Operating expenses | |||||||||||||||||
Cost of products sold | 198,493 | 303,663 | 419,195 | 646,495 | |||||||||||||
Cost of services | 251,981 | 179,402 | 396,463 | 347,955 | |||||||||||||
Research and development | 1,153,584 | 1,304,388 | 2,929,966 | 2,534,817 | |||||||||||||
General and administrative | 1,592,845 | 1,831,063 | 3,340,430 | 3,621,585 | |||||||||||||
Sales and marketing | 393,567 | 426,297 | 765,800 | 756,070 | |||||||||||||
Impairment of right-of-use asset | — | — | 520,759 | ||||||||||||||
Total operating expenses | 3,590,470 | 4,044,813 | 8,372,613 | 7,906,922 | |||||||||||||
Operating loss | (2,580,927 | ) | (3,255,912 | ) | (6,342,893 | ) | (6,271,795 | ) | |||||||||
Other (expense) income | |||||||||||||||||
Other income (expense) | 15,166 | 5 | (9,256 | ) | 5,303 | ||||||||||||
Interest expense | (37,129 | ) | (54,533 | ) | (93,573 | ) | (112,379 | ) | |||||||||
Foreign currency transaction gains (losses) | 9,879 | (21,762 | ) | (472 | ) | (9,581 | ) | ||||||||||
Change in fair value of derivative financial instruments | — | (11 | ) | 67 | 8,155 | ||||||||||||
Total other expense | (12,084 | ) | (76,301 | ) | (103,234 | ) | (108,502 | ) | |||||||||
Loss before income taxes | (2,593,011 | ) | (3,332,213 | ) | (6,446,127 | ) | (6,380,297 | ) | |||||||||
Provision for income taxes | — | — | — | — | |||||||||||||
Net loss | (2,593,011 | ) | (3,332,213 | ) | (6,446,127 | ) | (6,380,297 | ) | |||||||||
Net loss available to common stockholders | $ | (2,593,011 | ) | $ | (3,332,213 | ) | $ | (6,446,127 | ) | $ | (6,380,297 | ) | |||||
Net loss per common share - basic and diluted | $ | (0.15 | ) | $ | (0.57 | ) | $ | (0.48 | ) | $ | (1.29 | ) | |||||
Weighted average shares outstanding - basic and diluted | 17,645,720 | 5,826,947 | 13,518,648 | 4,950,517 | |||||||||||||
Net loss | $ | (2,593,011 | ) | $ | (3,332,213 | ) | $ | (6,446,127 | ) | $ | (6,380,297 | ) | |||||
Other comprehensive (loss) gain - foreign currency translations | (4,950 | ) | 18,113 | (2,124 | ) | 5,534 | |||||||||||
Comprehensive loss | $ | (2,597,961 | ) | $ | (3,314,100 | ) | $ | (6,448,251 | ) | $ | (6,374,763 | ) |
1 Year OpGen Chart |
1 Month OpGen Chart |
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