OpGen Announces Preliminary Unaudited Revenue for Fiscal 2021 and Provides Business Update
- Preliminary unaudited revenue for 2021 was approximately $4.3 million
- Maintained strong balance sheet with $36.1 million cash as of December 31, 2021 and total capital raised in 2021 of $51.2 million
- Conversion of all 150,000 preferred shares into 7.5 million common shares completed by investor in
The company also announced accomplishment of the following key milestones and recent developments in the fourth quarter 2021 as well as 2022 to date:
January 1, 2022, Albert Weberjoined as CFO of OpGenand Theo deVos joined as Senior Vice President of Corporate Development and Operations for Ares Genetics in the U.S.
- Ares and Sandoz have extended their services frame agreement to continue collaboration in addressing AMR until
January 2025 OpGensubsidiary Ares Genetics had total fourth quarter 2021 revenue of approximately $0.8 millionwith about 80% of such revenues being derived from its recent strategic database access transaction providing for non-exclusive access to 1.1% of the ARESdb content
- Special stockholder meeting held in
December 2021where stockholders approved all agenda items, including an increase in the company’s authorized shares of common stock
- Closed a
$15 millionregistered direct preferred stock financing transaction with a single U.S.healthcare institutional investor
- Following the increase in the company’s authorized shares of common stock, the institutional investor in the company’s recent preferred stock financing converted all of its 150,000 shares of preferred stock into 7.5 million shares of common stock in
December 2021. This resulted in total shares outstanding, as of December 31, 2021, of approximately 46.5 million shares of common stock with no preferred stock remaining outstanding
- The company’s Chinese partner BCB has informed us that all three clinical trial sites required for the supplementary clinical study in
Chinafor the Unyvero pneumonia cartridge have recently received their respective IRB approvals. The company expects the study, which is entirely managed and executed under the control of its partners at BCB, to start in due course
- Received full regulatory clearance for Unyvero system and several cartridges (including HPN, ITI and IAI) in
Colombiaand recognized the first commercial sale to Annar Dx
The preliminary financial results are estimates prior to the completion of OpGen’s financial closing procedures and review procedures by its external auditors and therefore may be subject to adjustment when the actual results are available.
For more information, please visit www.opgen.com.
This press release includes statements regarding OpGen’s preliminary fourth quarter 2021 and full year results as well as certain business updates. 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, 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
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Source: OpGen, Inc.