FREE

OpGen - $3.5m fund-raise to extend runway

In a bid to strengthen its cash position, OpGen has announced a c $3.5m (gross) fund-raise through an equity issue, subject to shareholders’ approval and expected to close on or around 4 May 2023. As part of the offering, OpGen will issue 4.5m common shares (or pre-funded warrants) at $0.7785 per share (close to the last trading price of $0.7784/share) and a similar number of accompanying warrants. The warrants will be exercisable (if approved by shareholders) at a strike price of $0.7785 per share, with an expiry period of five years from the date of shareholders’ approval. Proceeds from the fund-raise are likely to support the ongoing commercialization of the Acuitas AMR Gene Panel and Unyvero suite of products, further development of the Ares database and services, working capital needs and repayment of the European Investment Bank (EIB) loan. Despite the challenging macroeconomic environment, the announced raise will, we estimate, increase the pro-forma gross cash position to $17.7m (at end FY22 plus the two fund-raises of $6.8m and $3.5m), extending the cash runway to Q323.