OpGen Inc
NASDAQ:OPGN
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OpGen Inc
OpGen, Inc. is a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease. The company is headquartered in Rockville, Maryland and currently employs 99 full-time employees. The company went IPO on 2015-05-05. The Company, through its subsidiaries, is focused on developing and commercializing molecular microbiology solutions helping to guide clinicians with actionable information infections caused by multidrug-resistant microorganisms (MDROs). The Company’s product portfolio includes the Curetis Unyvero System and multiplex syndromic panels, Acuitas AMR Gene Panel and Acuitas Lighthouse, and the ARES Technology Platform including ARESdb using next generation sequencing (NGS) technology and Artificial intelligence (AI) powered bioinformatics solutions for antibiotic response prediction, as well as the Curetis CE vitro diagnostic (IVD) marked polymerase chain reaction (PCR) based severe acute respiratory syndrome (SARS) CoV-2 test kit. The Company’s subsidiaries include Curetis GmbH and Ares Genetics GmbH.
OpGen, Inc. is a precision medicine company harnessing the power of molecular diagnostics and informatics to help combat infectious disease. The company is headquartered in Rockville, Maryland and currently employs 99 full-time employees. The company went IPO on 2015-05-05. The Company, through its subsidiaries, is focused on developing and commercializing molecular microbiology solutions helping to guide clinicians with actionable information infections caused by multidrug-resistant microorganisms (MDROs). The Company’s product portfolio includes the Curetis Unyvero System and multiplex syndromic panels, Acuitas AMR Gene Panel and Acuitas Lighthouse, and the ARES Technology Platform including ARESdb using next generation sequencing (NGS) technology and Artificial intelligence (AI) powered bioinformatics solutions for antibiotic response prediction, as well as the Curetis CE vitro diagnostic (IVD) marked polymerase chain reaction (PCR) based severe acute respiratory syndrome (SARS) CoV-2 test kit. The Company’s subsidiaries include Curetis GmbH and Ares Genetics GmbH.
Revenue Trend: Q2 revenue fell to $736,000 from $967,000 a year ago, but first half 2023 revenue rose 15% year-on-year to $1.65 million, driven mainly by the FIND collaboration.
Cash Concerns: OpGen ended Q2 with $3.2 million in cash and does not expect to have enough cash to operate beyond September 2023, raising substantial doubt about its ability to continue as a going concern.
Cost Actions: Operating expenses and R&D spend decreased in Q2 compared to the prior year, reflecting cost control and project completion.
Strategic Partnerships: New distribution deal with Fisher Healthcare for Unyvero in the U.S. and extended collaborations in China and with FIND show commercial momentum.
Regulatory Progress: FDA submission for Unyvero UTI under review; company aims to respond to FDA follow-up in Q4 2023.
Debt and Financing: Company made partial debt repayments and entered a standstill agreement, but is exploring restructuring, raising capital, or other measures amid liquidity issues.
New Contracts: Recent deals could deliver up to $1.5 million in annualized revenue from commercial contracts and collaborations.
