- Preliminary total revenue for the second quarter of 2022 was approximately $1.0 million
- Cash as of June 30, 2022 was approximately $16.6 million
- First commercial customer contract for Acuitas AMR Gene Panel signed in June 2022
ROCKVILLE, Md., July 08 10, 2022 (GLOBE NEWSWIRE) — OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help fight infectious diseases, announced today today that total unaudited preliminary revenue for the second quarter of 2022 was approximately $1.0 million, compared to $0.8 million in the second quarter of 2021. Cash at June 30, 2022 was approximately $16 .6 million.
The company announced the achievement of the following key milestones and recent developments in the second quarter:
- OpGen signed its first commercial customer contract for the Acuitas AMR Gene Panel in June 2022
- OpGen has launched a new Market Sale (ATM) facility for up to $10.7 million, under which the company may sell, from time to time, in an “at-the-market” offering shares of its ordinary shares
- OpGen and Menarini have expanded their distribution agreement to increase Menarini’s annual minimum revenue commitment over the next two years, as well as the sale of the entire pool of Unyvero systems installed in nine European countries at fair market value residual of Curetis in Menarini
- OpGen Announced Interim Clinical Trial Results for the Unyvero Urinary Tract Infection Panel
- OpGen Announced the 1,000th Patient Sample Enrolled in a Clinical Trial for the Unyvero Urinary Tract Infection Panel
- OpGen announced the publication of results from a major clinical study using the Unyvero Hospitalized Pneumonia (HPN) Panel in The Lancet Respiratory Medicine
- OpGen has announced the release of results from the Unyvero Hospitalized Pneumonia Panel for the detection of bacterial respiratory pathogens from serial specimens collected from hospitalized COVID-19 patients.
- Curetis, a subsidiary of OpGen, and Leader Life Sciences have entered into a Unyvero distribution partnership for the United Arab Emirates and Qatar
- Ares Genetics, a subsidiary of OpGen, has extended its collaboration agreement with Sandoz to provide cutting-edge digital solutions in the global fight against antimicrobial resistance (AMR)
- Ares Genetics has also commercially launched new sequencing and analysis services globally
- Curetis announces the restructuring of its debt with the European Investment Bank
Mr. Schacht commented, “We are excited about the progress made in the second quarter, particularly that in June we signed the first commercial contract for our Acuitas AMR Gene Panel in the United States with a major hospital in the North East, the expansion of our distribution partnership with Menarini with significantly increased minimum annual revenue commitments by Menarini as well as the agreement whereby Menarini purchased from us the entire European pool of Unyvero systems in 9 countries at the residual fair market value.
Preliminary Q2-2022 financial results are estimates prior to the completion of OpGen’s financial close procedures and review procedures by its external auditors and therefore may be subject to adjustments when actual results become available.
About OpGen, Inc.
OpGen, Inc. (Rockville, MD, USA) is a precision medicine company that harnesses the power of molecular diagnostics and bioinformatics to fight infectious disease. Together with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we develop and market molecular microbiology solutions that help guide clinicians with faster, actionable insights into life-threatening infections to improve patient outcomes and reduce the spread infections caused by multidrug-resistant diseases. microorganisms or MDRO. OpGen’s product portfolio includes Unyvero®, Acuitas® AMR Gene Panel and the ARES technology platform, including ARESdb®, utilizing NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction.
For more information, please visit www.opgen.com.
This press release includes statements regarding OpGen’s second quarter 2022 results and OpGen’s current business. These and other statements regarding OpGen’s future plans and objectives 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 of 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 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 success of our marketing efforts, our ability to develop, seek out and successfully, timely and cost-effectively obtain the regulatory clearance and commercialization of our product and service offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the fact that we may not effectively use the proceeds of recent financings, the continued realization of the expected benefits of our business combination transaction with Curetis GmbH, the continued impact of COVID-19 on the Company’s operations, financial results and marketing efforts as well as on capital markets and general economic conditions, our ability to service our debts under our loan to the European Investment Bank ent, the effect of military action in Russia and Ukraine on our distributors, associates and service providers, our liquidity and working capital requirements, 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 see 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.
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