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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.45% | 2.24 | 1.65 | 3.96 | 2.365 | 2.23 | 2.28 | 3,810 | 01:00:00 |
Oliver Schacht, President and CEO of OpGen commented, “I am pleased with OpGen’s second quarter performance in context of the unprecedented uncertainty caused by the COVID-19 pandemic and resulting pipeline delays. Operating as a combined company, our business has grown year-over-year and we could not be more pleased with the quick and successful integration of our companies. Our team has worked around the clock to re-prioritize R&D efforts to not only meet the most critical healthcare needs relating to COVID-19, but also to ensure we are delivering best-in-class diagnostics to our healthcare providers and customers. Our recent agreement with the European Investment Bank (EIB) providing us with access to an additional EUR 5 million tranche in non-dilutive debt financing bolsters our ability to expand efforts relating to COVID-19, as we believe crucial to be able to rapidly and comprehensively perform infectious disease diagnostics.”
Mr. Schacht continued, “Additionally, we are excited and encouraged by the recently announced co-promotion partnership with Menarini Silicon Biosystems to market and promote Menarini’s portfolio of COVID-19 related products such as the Healgen antibody test cassette and the Menarini CELLSEARCH CEC kit. This partnership we believe highlights our marketing expertise and sales capabilities to a network of infectious disease healthcare providers and researchers across North America.”
Second Quarter and First Half 2020 Financial Results
The company also announced accomplishment of the following key milestones during the second quarter of 2020 and year to date:
Mr. Schacht commented, “We continue to anticipate an FDA clearance decision for our Acuitas AMR Gene Panel product for isolates in the second half of 2020. Our pipeline continues to grow with the recent strategic partnership agreement with Menarini for the co-marketing of a portfolio of COVID-19 related products and platforms in North America. Although our current work environment continues to be highly uncertain, with continued investments in such strategic initiatives, we strongly believe OpGen is well positioned to meet our long-term product and profitability targets.”
Conference Call Information
OpGen’s management will host a conference call today, August 12 at 4:30 p.m. ET to discuss the second quarter financial results and other business activities, as well as answer questions. Dial-in information is below:
Dial-in Information | |
U.S. Dial-in Number: +1 (877) 705 6003 | |
International Dial-in Number: +1 (201) 493 6725 | |
Webcast: http://public.viavid.com/index.php?id=141125 | |
Conference ID: 13707986 |
Following the conclusion of the conference call, a replay will be available through August 26, 2020. The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com. A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website for 90 days. Replay access information is below:
Replay Information | |
U.S. Dial-in Number: +1 (844) 512 2921 | |
International Dial-in Number: +1 (412) 317 6671 | |
Replay PIN: 13707986 |
About OpGen, Inc.
OpGen, Inc. (Gaithersburg, MD, USA) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s product portfolio includes Unyvero, Acuitas AMR Gene Panel and Acuitas Lighthouse, and the ARES Technology Platform including ARESdb, using NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction.
For more information, please visit www.opgen.com.
Forward-Looking Statements
This press release includes statements regarding OpGen’s second quarter 2020 results, the integration of OpGen with its acquired subsidiaries, Curetis GmbH and Ares Genetics GmbH, the current business and strategic initiatives of OpGen, and the impact of COVID-19 on the company and general market conditions. 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 successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for and commercialize our product and services offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the realization of expected benefits of our business combination transaction with Curetis GmbH, the success of our commercialization efforts, the impact of COVID-19 on the Company’s operations, financial results, and commercialization efforts as well as on capital markets and general economic conditions, 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. 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: Oliver Schacht President and CEO InvestorRelations@opgen.com
OpGen Press Contact: Matthew Bretzius FischTank Marketing and PR matt@fischtankpr.com
OpGen Investor Contact: Megan Paul Edison Group mpaul@edisongroup.com
OpGen, Inc. | ||||||||
Consolidated Balance Sheets | ||||||||
(unaudited) | ||||||||
June 30, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 12,886,547 | $ | 2,708,223 | ||||
Accounts receivable, net | 231,427 | 567,811 | ||||||
Inventory, net | 2,898,185 | 473,030 | ||||||
Note receivable | — | 2,521,479 | ||||||
Prepaid expenses and other current assets | 810,391 | 396,760 | ||||||
Total current assets | 16,826,550 | 6,667,303 | ||||||
Property and equipment, net | 3,587,341 | 130,759 | ||||||
Finance lease right-of-use assets, net | 696,333 | 958,590 | ||||||
Operating lease right-of-use assets | 1,653,603 | 1,043,537 | ||||||
Goodwill | 7,650,642 | 600,814 | ||||||
Intangible assets, net | 15,566,528 | 817,550 | ||||||
Other noncurrent assets | 309,347 | 203,271 | ||||||
Total assets | $ | 46,290,344 | $ | 10,421,824 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,745,499 | $ | 1,056,035 | ||||
Accrued compensation and benefits | 1,730,129 | 855,994 | ||||||
Accrued liabilities | 2,514,992 | 1,046,661 | ||||||
Deferred revenue | 393,739 | 9,808 | ||||||
Short-term notes payable | 1,378,380 | 373,599 | ||||||
Short-term finance lease liabilities | 432,494 | 579,030 | ||||||
Short-term operating lease liabilities | 1,271,700 | 1,017,414 | ||||||
Total current liabilities | 9,466,933 | 4,938,541 | ||||||
Note payable | 16,794,652 | 329,456 | ||||||
Derivative liabilities | 234,224 | — | ||||||
Long-term finance lease liabilities | 135,521 | 313,263 | ||||||
Long-term operating lease liabilities | 782,494 | 547,225 | ||||||
Other long term liabilities | 147,977 | - | ||||||
Total liabilities | 27,561,801 | 6,128,485 | ||||||
Commitments | ||||||||
Stockholders' equity | ||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at June 30, 2020 and December 31, 2019, respectively | — | — | ||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 17,693,932 and 5,582,280 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 176,939 | 55,823 | ||||||
Additional paid-in capital | 204,154,419 | 178,779,814 | ||||||
Accumulated deficit | (185,949,916 | ) | (174,524,983 | ) | ||||
Accumulated other comprehensive income/(loss) | 347,101 | (17,315 | ) | |||||
Total stockholders’ equity | 18,728,543 | 4,293,339 | ||||||
Total liabilities and stockholders’ equity | $ | 46,290,344 | $ | 10,421,824 | ||||
OpGen, Inc. | ||||||||||||||||
Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue | ||||||||||||||||
Product sales | $ | 601,304 | $ | 504,293 | $ | 968,237 | $ | 1,024,470 | ||||||||
Laboratory services | 25,992 | 5,250 | 25,992 | $ | 5,250 | |||||||||||
Collaboration revenue | 561,089 | 500,000 | 811,089 | 1,000,000 | ||||||||||||
Total revenue | 1,188,385 | 1,009,543 | 1,805,318 | 2,029,720 | ||||||||||||
Operating expenses | ||||||||||||||||
Cost of products sold | 713,916 | 198,493 | 990,470 | 419,195 | ||||||||||||
Cost of services | 252,655 | 251,981 | 390,321 | 396,463 | ||||||||||||
Research and development | 2,979,025 | 1,153,584 | 4,196,581 | 2,929,966 | ||||||||||||
General and administrative | 2,491,571 | 1,592,845 | 4,193,019 | 3,340,430 | ||||||||||||
Sales and marketing | 1,044,032 | 393,567 | 1,326,309 | 765,800 | ||||||||||||
Transaction costs | 225,000 | — | 470,322 | — | ||||||||||||
Impairment of intangible assets | — | — | 750,596 | — | ||||||||||||
Impairment of right-of-use asset | — | — | — | 520,759 | ||||||||||||
Total operating expenses | 7,706,199 | 3,590,470 | 12,317,618 | 8,372,613 | ||||||||||||
Operating loss | (6,517,814 | ) | (2,580,927 | ) | (10,512,300 | ) | (6,342,893 | ) | ||||||||
Other (expense) income | ||||||||||||||||
Interest and other income/(expense) | (5,656 | ) | 15,166 | 81,679 | (9,256 | ) | ||||||||||
Interest expense | (1,044,891 | ) | (37,129 | ) | (1,083,158 | ) | (93,573 | ) | ||||||||
Foreign currency transaction losses | (289,788 | ) | 9,879 | (293,664 | ) | (472 | ) | |||||||||
Change in fair value of derivative financial instruments | 382,511 | — | 382,511 | 67 | ||||||||||||
Total other expense | (957,824 | ) | (12,084 | ) | (912,632 | ) | (103,234 | ) | ||||||||
Loss before income taxes | (7,475,638 | ) | (2,593,011 | ) | (11,424,932 | ) | (6,446,127 | ) | ||||||||
Provision for income taxes | — | — | — | — | ||||||||||||
Net loss | $ | (7,475,638 | ) | $ | (2,593,011 | ) | $ | (11,424,932 | ) | $ | (6,446,127 | ) | ||||
Net loss per common share - basic and diluted | $ | (0.49 | ) | $ | (2.94 | ) | $ | (1.00 | ) | $ | (9.54 | ) | ||||
Weighted average shares outstanding - basic and diluted | 15,403,986 | 882,286 | 11,427,322 | 675,932 | ||||||||||||
Net loss | $ | (7,475,638 | ) | $ | (2,593,011 | ) | $ | (11,424,932 | ) | $ | (6,446,127 | ) | ||||
Other comprehensive income/(loss) - foreign currency translation | 324,939 | (4,950 | ) | 364,416 | (2,124 | ) | ||||||||||
Comprehensive loss | $ | (7,150,699 | ) | $ | (2,597,961 | ) | $ | (11,060,516 | ) | $ | (6,448,251 | ) | ||||
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