OpGen (NSDQ:OPGN) said earlier this month that it priced a $10 million public offering of 25 million units of common stock and warrants at 40¢ apiece.
The molecular diagnostics company said each common warrant has an exercise price of 43¢ per share and expires five years after issuance. The offering is slated to close tomorrow.
H.C. Wainwright & Co., is the exclusive placement agent for the Gaithersburg, Md.-based company’s offering.
OpGen said it expects to bring in about $10 million from the offering and that it plans to use the proceeds to develop a one- to three-hour antibiotic resistance diagnostic product, as well as to repay its outstanding bridge financing notes.
Also this month, OpGen said that the New York State Dept. of Health approved the Acuitas MDRO Gene Test for use by healthcare practitioners in the state.
The company’s lab-based test can identify the presence of ten multi-drug resistance genes from a single patient specimen. These drug-resistant genes are associated with gastrointestinal organisms traditionally linked with antibiotic-resistant infections, according to OpGen.
“We are pleased to receive approval by the NYSDOH to provide our services to healthcare institutions in NY State,” chairman & CEO Evan Jones said in prepared remarks. “The NY State Clinical Lab Evaluation Program conducts rigorous evaluations of new clinical lab tests, and we are honored to receive this important approval for our technology. By making our testing available to NY State healthcare providers, we hope to help combat the rising superbug multi-drug resistant pathogen issue.”
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