ROCKVILLE, Md., Nov. 10, 2022 (GLOBE NEWSWIRE) -- OpGen, Inc. (NASDAQ:OPGN, "OpGen" or "the Company"))), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its third quarter 2022 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.

Oliver Schacht, President & CEO of OpGen, commented, "During the third quarter we reached multiple agreements and entered into collaborations with various partners. These include our research collaboration agreement with the Belgian National Reference Center (BNRC), an R&D collaboration with FIND, our second commercial installation of the Acuitas AMR Gene Panel, a new commercial contract for Unyvero in the U.S., and a collaboration agreement with BioVersys. We are seeing progress on both the R&D and commercial fronts and look forward to the upcoming progress."

Mr. Schacht continued, "As we proceed through 2022 and move into the calendar year of 2023, we have several upcoming catalysts and milestones to look forward to, including our UTI clinical trial data read-out and anticipated subsequent FDA submission, proceeds from the FIND collaboration as well as its potential future extension and expansion, and several potential new commercial contracts with U.S. customers across Unyvero and Acuitas products. We look forward to announcing these potential milestones as we continue to focus on building shareholder value."

Third Quarter 2022 Financial Results of OpGen, Inc.

In the third quarter and year to date, the Company reached the following key milestones:

In terms of guidance, the Company anticipates:

Conference Call Information

OpGen's management will host a conference call today, November 10, at 4:30 p.m. EST, to discuss the third quarter financial results and business activities, as well as answer analyst questions.

 Conference Call Details

 
 U.S. Dial-in Number:1-877-704-4453
 International Dial-in Number:1-201-389-0920
 Webcast:   https://viavid.webcasts.com/starthere.jsp?ei=1569725&tp_key=91a31a2b1f
 Conference ID:13732787

Following the conclusion of the conference call, a replay will be available through November 24th, 2022. 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 Details

 U.S. Dial-in Number:1-844-512-2921
 International Dial-in Number:1-412-317-6671
 Replay PIN:13732787

About OpGen, Inc.

OpGen, Inc. (Rockville, MD, U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our 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 current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for AMR surveillance, outbreak analysis, and antibiotic response prediction including ARESiss, ARESid, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit.

For more information, please visit www.opgen.com.

Forward-Looking Statements

This press release includes statements regarding OpGen's third quarter 2022 financial results and the current business of OpGen. 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 success of our commercialization efforts, 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 fact that we may not effectively use proceeds from recent financings, the continued realization of expected benefits of our business combination transaction with Curetis GmbH, the continued impact of COVID-19 on the Company's operations, financial results, and commercialization efforts as well as on capital markets and general economic conditions, our ability to satisfy debt obligations under our loan with the European Investment Bank, the effect of the military action in Russia and Ukraine on our distributors, collaborators 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 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, Inc.
Consolidated Balance Sheets
(unaudited)
    
 September 30, 2022 December 31, 2021
Assets   
Current assets   
Cash and cash equivalents$10,275,654  $36,080,392 
Accounts receivable, net 665,313   1,172,396 
Inventory 771,864   1,239,456 
Prepaid expenses and other current assets 1,678,729   1,250,331 
Total current assets 13,391,560   39,742,575 
Property and equipment, net  3,054,990   4,011,748 
Finance lease right-of-use assets, net 4,347   90,467 
Operating lease right-of-use assets 1,472,934   1,814,396 
Goodwill —   7,453,007 
Intangible assets, net 12,001,036   14,530,209 
Strategic inventory, net 2,614,805   3,472,337 
Other noncurrent assets 419,495   551,794 
Total assets$ 32,959,167  $ 71,666,533 
Liabilities and Stockholders' Equity   
Current liabilities   
Accounts payable$682,592  $1,307,081 
Accrued compensation and benefits 1,391,145   1,621,788 
Accrued liabilities 1,046,865   1,965,845 
Deferred revenue 194,960   — 
Short-term notes payable 8,342,715   14,519,113 
Short-term finance lease liabilities 6,748   43,150 
Short-term operating lease liabilities 346,629   459,792 
Total current liabilities 12,011,654   19,916,769 
Note payable 4,108,421   7,176,251 
Derivative liabilities 146,207   228,589 
Long-term finance lease liabilities 1,121   3,644 
Long-term operating lease liabilities 2,631,957   2,977,402 
Other long term liabilities 121,496   146,798 
Total liabilities 19,020,856   30,449,453 
Stockholders' equity   
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at September 30, 2022 and December 31, 2021, respectively —   — 
Common stock, $0.01 par value; 100,000,000 shares authorized; 48,338,500 and 46,450,250 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 483,386   464,503 
Additional paid-in capital 277,406,700   275,708,490 
Accumulated deficit (262,289,652)  (235,541,539)
Accumulated other comprehensive (loss)/income (1,662,123)  585,626 
Total stockholders' equity 13,938,311   41,217,080 
Total liabilities and stockholders' equity$ 32,959,167  $ 71,666,533 



OpGen, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
        
 Three Months Ended September 30, Nine Months Ended September 30,
  2022   2021   2022   2021 
Revenue       
Product sales$359,112  $643,887  $1,614,435  $1,479,270 
Laboratory services 31,016   192,753   94,515   643,602 
Collaboration revenue 58,585   402,492   176,713   757,591 
Total revenue 448,713   1,239,132   1,885,663   2,880,463 
Operating expenses       
Cost of products sold 1,886,191   648,298   2,824,577   1,544,932 
Cost of services 17,239   203,314   63,450   446,232 
Research and development, net 2,031,113   2,382,303   6,621,310   8,055,384 
General and administrative 2,020,452   2,088,226   6,779,773   7,444,138 
Sales and marketing 1,031,496   1,003,577   3,252,277   2,705,378 
Impairment of right-of-use asset —   —   —   170,714 
Goodwill impairment charge 6,975,520   —   6,975,520   — 
Total operating expenses 13,962,011   6,325,718   26,516,907   20,366,778 
Operating loss (13,513,298)  (5,086,586)  (24,631,244)  (17,486,315)
Other expense       
Gain on extinguishment of debt —   —   —   259,353 
Warrant inducement expense —   —   —   (7,755,541)
Interest and other income, net 11,174   31,844   28,147   41,471 
Interest expense (569,306)  (1,222,867)  (2,618,799)  (3,586,018)
Foreign currency transaction gains (51,547)  229,074   419,160   655,774 
Change in fair value of derivative financial instruments 18,995   (8,161)  54,623   (122,572)
Total other expense (590,684)  (970,110)  (2,116,869)  (10,507,533)
Loss before income taxes (14,103,982)  (6,056,696)  (26,748,113)  (27,993,848)
Provision for income taxes —   —   —   — 
Net loss$ (14,103,982) $ (6,056,696) $ (26,748,113) $ (27,993,848)
Net loss available to common stockholders$ (14,103,982) $ (6,056,696) $ (26,748,113) $ (27,993,848)
Basic and diluted net loss per share attributable to common stockholders$ (0.30) $ (0.16) $ (0.57) $ (0.79)
Weighted average shares outstanding - basic and diluted 47,656,972   38,270,250   46,915,880   35,373,397 
Net loss$(14,103,982) $(6,056,696) $(26,748,113) $(27,993,848)
Other comprehensive loss - foreign currency translation (536,758)  (597,527)  (2,247,749)  (1,146,355)
Comprehensive loss$ (14,640,740) $ (6,654,223) $ (28,995,862) $ (29,140,203)
        

OpGen:

Oliver Schacht

President and CEO

InvestorRelations@opgen.com

OpGen Press Contact:

Matthew Bretzius 

FischTank Marketing and PR

matt@fischtankpr.com

OpGen Investor Contact:

Alyssa Factor

Edison Group

afactor@edisongroup.com



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