OpGen - $3.38m raised through private placement
OpGen has announced a $3.38m (gross) fund-raising through a private placement to an existing healthcare-focused institutional investor. This is in exchange for a combined 9.66m of common stock and pre-funded warrants at $0.35/unit plus an additional 33.8k shares of series C preferred stock. The investor was also issued warrants to purchase up to an aggregate of 9.66m in common stock, at an exercise price of $0.377/share. The offer is expected to close on 3 October 2022 and is subject to shareholders’ approval. Proceeds from the fund-raising are expected to be utilized in accelerating development of the company’s pipeline, capex and working capital needs and repayment of the EIB loan. Our overall valuation goes up to $84.6m due to additional cash available although per share valuation goes down to $1.46/share due to a higher share count (previously $1.70/share).
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