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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 |
Evan Jones, Chairman and CEO of OpGen, stated, “The third quarter of 2019 saw a number of highlights for OpGen, most notably the transformative announcement of the planned business combination with Curetis. We believe combining the two companies will be a win for shareholders of both companies, with an expanded and proprietary product portfolio and a solid growth profile.”
Mr. Jones continued, “OpGen’s business had continued success during the third quarter with the achievement of key business milestones and significant progress towards gaining the first FDA clearance for our Acuitas products. We are encouraged by the positive preliminary data presented at IDWeek 2019 and the recent favorable actions by the USPTO.”
“We look forward to the completion of the business combination with Curetis, expected in early 2020. The outlook for OpGen’s products continues to improve and we look forward to further strengthening of our combined businesses through the planned business combination,” concluded Mr. Jones.
Third Quarter and Nine Month 2019 Financial Results
Business and Operations Outlook
We anticipate achieving the following:
Conference Call Information
OpGen’s management will host a conference call today, November 6 at 4:30 p.m. ET to discuss third quarter 2019 financial results and other business activities, as well as answer questions. Dial-in information is below:
Dial-in InformationU.S. Dial-in Number: (844) 420-8185International Dial-in Number: +1 (216) 562-0481Webcast: https://edge.media-server.com/mmc/p/p64ma2dvConference ID: 2899666
Following the conclusion of the conference call, a replay will be available through November 13, 2019. The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at ir.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 InformationU.S. Dial-in Number: (855) 859-2056International Dial-in Number: +1 (404) 537-3406Conference ID: 2899666
About OpGenOpGen, 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 the completion of the business combination with Curetis N.V., pursuit of FDA clearance for the Acuitas AMR Gene Panel for use with bacterial Isolates, the use of proceeds from the October 2019 public offering and the activities related to the Company's products and services. 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, the fact that we have broad discretion as to the use of proceeds from the October 2019 public offering and that we may not use the proceeds effectively; risks and uncertainties associated with market conditions, OpGen’s ability to successfully and timely seek approval of, and obtain approval of its stockholders for the business combination with Curetis N.V., satisfy the closing conditions under the Implementation Agreement, successfully combine the businesses of OpGen and Curetis GmbH, comply with the complexities of a global business, achieve the synergies we expect, successfully implement the combined company’s strategic and business goals and objectives, advance our current and planned 510(k) clearance submissions with the FDA, and continue our activities under the New York State Infectious Disease Digital Health Initiative. 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 (SEC). 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) 813-1284mfarmer@opgen.com
Press Contact:Matthew BretziusFischTank Marketing and PRmatt@fischtankpr.com
Investor Contact:Joe GreenEdison Groupjgreen@edisongroup.com
OpGen, Inc. | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
September 30, 2019 | December 31, 2018 | |||||||||
Assets | (Unaudited) | |||||||||
Current assets | ||||||||||
Cash and cash equivalents | $ | 626,420 | $ | 4,572,487 | ||||||
Accounts receivable, net | 377,284 | 373,858 | ||||||||
Inventory, net | 468,374 | 543,747 | ||||||||
Prepaid expenses and other current assets | 533,411 | 292,918 | ||||||||
Total current assets | 2,005,489 | 5,783,010 | ||||||||
Property and equipment, net | 201,762 | 1,221,827 | ||||||||
Finance lease right-of-use assets, net | 1,096,472 | — | ||||||||
Operating lease right-of-use assets | 1,214,482 | — | ||||||||
Goodwill | 600,814 | 600,814 | ||||||||
Intangible assets, net | 884,504 | 1,085,366 | ||||||||
Other noncurrent assets | 426,629 | 259,346 | ||||||||
Total assets | $ | 6,430,152 | $ | 8,950,363 | ||||||
Liabilities and Stockholders’ Equity (Deficit) | ||||||||||
Current liabilities | ||||||||||
Accounts payable | $ | 1,872,762 | $ | 1,623,751 | ||||||
Accrued compensation and benefits | 1,387,498 | 1,041,573 | ||||||||
Accrued liabilities | 1,040,562 | 902,019 | ||||||||
Deferred revenue | 9,808 | 15,824 | ||||||||
Short-term notes payable | 508,292 | 398,595 | ||||||||
Short-term finance lease liabilities | 627,620 | 399,345 | ||||||||
Short-term operating lease liabilities | 987,833 | — | ||||||||
Total current liabilities | 6,434,375 | 4,381,107 | ||||||||
Deferred rent | — | 162,919 | ||||||||
Note payable | 328,843 | 660,340 | ||||||||
Warrant liability | — | 67 | ||||||||
Long-term finance lease liabilities | 411,103 | 437,189 | ||||||||
Long-term operating lease liabilities | 812,801 | — | ||||||||
Total liabilities | 7,987,122 | 5,641,622 | ||||||||
Commitments | ||||||||||
Stockholders' equity (deficit) | ||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at September 30, 2019 and December 31, 2018, respectively | — | — | ||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 882,268 and 432,286 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 8,823 | 4,323 | ||||||||
Additional paid-in capital | 170,449,216 | 165,396,036 | ||||||||
Accumulated deficit | (172,007,090 | ) | (162,078,525 | ) | ||||||
Accumulated other comprehensive loss | (7,919 | ) | (13,093 | ) | ||||||
Total stockholders’ equity (deficit) | (1,556,970 | ) | 3,308,741 | |||||||
Total liabilities and stockholders’ equity (deficit) | $ | 6,430,152 | $ | 8,950,363 | ||||||
OpGen, Inc. | ||||||||||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||
Revenue | ||||||||||||||||||
Product sales | $ | 573,035 | $ | 539,856 | $ | 1,597,505 | $ | 1,805,877 | ||||||||||
Laboratory services | 185 | 12,365 | 5,435 | 22,155 | ||||||||||||||
Collaboration revenue | 75,000 | — | 1,075,000 | 359,316 | ||||||||||||||
Total revenue | 648,220 | 552,221 | 2,677,940 | 2,187,348 | ||||||||||||||
Operating expenses | ||||||||||||||||||
Cost of products sold | 262,373 | 292,984 | 681,568 | 939,479 | ||||||||||||||
Cost of services | 196,184 | 98,189 | 592,647 | 446,144 | ||||||||||||||
Research and development | 1,139,369 | 1,286,300 | 4,069,335 | 3,821,117 | ||||||||||||||
General and administrative | 1,560,706 | 1,743,636 | 4,901,136 | 5,365,221 | ||||||||||||||
Sales and marketing | 376,955 | 361,310 | 1,142,755 | 1,117,380 | ||||||||||||||
Transaction costs | 538,061 | — | 538,061 | — | ||||||||||||||
Impairment of right-of-use asset | — | — | 520,759 | — | ||||||||||||||
Total operating expenses | 4,073,648 | 3,782,419 | 12,446,261 | 11,689,341 | ||||||||||||||
Operating loss | (3,425,428 | ) | (3,230,198 | ) | (9,768,321 | ) | (9,501,993 | ) | ||||||||||
Other (expense) income | ||||||||||||||||||
Other income (expense) | 1,043 | (93 | ) | (8,213 | ) | 5,210 | ||||||||||||
Interest expense | (49,099 | ) | (28,074 | ) | (142,672 | ) | (140,453 | ) | ||||||||||
Foreign currency transaction gains (losses) | (8,954 | ) | 3,025 | (9,426 | ) | (6,556 | ) | |||||||||||
Change in fair value of derivative financial instruments | — | (85 | ) | 67 | 8,070 | |||||||||||||
Total other expense | (57,010 | ) | (25,227 | ) | (160,244 | ) | (133,729 | ) | ||||||||||
Loss before income taxes | (3,482,438 | ) | (3,255,425 | ) | (9,928,565 | ) | (9,635,722 | ) | ||||||||||
Provision for income taxes | — | — | — | — | ||||||||||||||
Net loss | (3,482,438 | ) | (3,255,425 | ) | (9,928,565 | ) | (9,635,722 | ) | ||||||||||
Net loss available to common stockholders | $ | (3,482,438 | ) | $ | (3,255,425 | ) | $ | (9,928,565 | ) | $ | (9,635,722 | ) | ||||||
Net loss per common share - basic and diluted | $ | (3.95 | ) | $ | (10.67 | ) | $ | (13.32 | ) | $ | (36.09 | ) | ||||||
Weighted average shares outstanding - basic and diluted | 882,280 | 305,187 | 745,471 | 266,997 | ||||||||||||||
Net loss | $ | (3,482,438 | ) | $ | (3,255,425 | ) | $ | (9,928,565 | ) | $ | (9,635,722 | ) | ||||||
Other comprehensive gain foreign currency translations | 7,298 | 1,528 | 5,174 | 7,062 | ||||||||||||||
Comprehensive loss | $ | (3,475,140 | ) | $ | (3,253,897 | ) | $ | (9,923,391 | ) | $ | (9,628,660 | ) | ||||||
1 Year OpGen Chart |
1 Month OpGen Chart |
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