|OpGen Reports Preliminary Fourth Quarter and Full Year 2016 Financial Results|
The Company disclosed the following estimated, unaudited operating expenses for the fourth quarter of 2016 and the full year ended
Net loss for the full year ended
Cash and cash equivalents were approximately
“During 2016, we continued to build our unique position helping to address the rising global antibiotic resistance crisis,” stated
2016 Enterprise Highlights and Recent Developments:
“During 2017, our focus will continue to be on the development of our Acuitas mAST rapid DNA tests and the Acuitas Lighthouse Knowledgebase with a goal of transitioning to external clinical trials and subsequent full commercialization, in conjunction with receipt of appropriate regulatory clearances,” continued Mr. Jones. “We anticipate growth from our Acuitas Lighthouse Knowledgebase enabled CLIA lab services for MDRO surveillance and a continuation of historical revenue trends from our QuickFISH products.”
In the fight to help address the global antibiotic resistance crisis,
Complete 2016 full year and fourth quarter financial results will be announced in March in conjunction with the company’s fourth quarter and fiscal year 2016 financial results conference call.
This press release contains certain preliminary financial results for the company. These results could change as a result of further review by the company’s management and the independent auditors. The decision to delay production scale-up and clinical trial investment for the automated QuickFISH pathogen ID product will likely lead to an impairment charge on the intangible assets that were acquired as a part of the purchase of AdvanDx in July 2015. The amount and timing of such a potential charge has not been determined.
This press release includes statements relating to the company's products and services, its commercialization plans for these products and services, and its product and services development efforts. These statements and other statements regarding our 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, our ability to successfully, timely and cost-effectively develop, seek and obtain regulatory approval for and commercialize our product and services offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the success of our commercialization efforts, 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