News Release
OpGen Announces Closing of $9.4 Million Underwritten Public Offering
10.28.19
GAITHERSBURG, Md., Oct. 28, 2019 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq:OPGN) today announced the closing of its previously announced underwritten public offering of 2,590,170 units at $2.00 per unit and 2,109,830 pre-funded units at $1.99 per pre-funded unit, raising gross proceeds of approximately $9.4 million, prior to deducting underwriting discounts and commissions and other estimated offering expenses. The Company has also granted the underwriter a 30-day option to purchase up to an additional 705,000 shares of common stock and/or common warrants to purchase up to 705,000 shares of common stock.
The Company intends to use the net proceeds of this offering for the following purposes: prior to the closing of the transactions contemplated by the Implementation Agreement to (1) complete the business combination with Curetis GmbH; (2) provide short-term funding to Curetis GmbH under the Interim Facility to fund the Curetis Group’s current operations; and (3) support research and development and regulatory activities for the Company’s anticipated FDA 510(k) submissions for the Acuitas AMR Gene Panel test and the Acuitas Lighthouse Software; and, if any proceeds remain following the closing of the transactions under the Implementation Agreement, to: (4) commercialize the combined company’s products; (5) support further development and commercialization of the combined company’s informatics products in development; (6) fund directed efforts to the customers and collaborators of each company to introduce the products and services of the combined company; (7) invest in manufacturing and operations infrastructure to support sales of products; and (8) the balance, if any, for general corporate purposes.
H.C. Wainwright & Co. acted as sole book-running manager for the offering.
Each unit sold in this offering is comprised of one share of common stock and one common warrant to purchase one share of common stock. Each pre-funded unit sold in this offering included one pre-funded warrant to purchase one share of common stock at an exercise price of $0.01 per share and one common warrant to purchase one share of common stock. Each common warrant has an exercise price of $2.00 per share, is exercisable immediately and will expire five years from the date of issuance. The shares of common stock (or the pre-funded warrants, as the case may be) and the accompanying common warrants included in the units or the pre-funded units were purchased together in this offering, but were issued separately.