OpGen Announces Preliminary Unaudited Revenue for Fiscal 2021 and Provides Business Update
January 10 2022 - 7:30AM
OpGen, Inc. (Nasdaq: OPGN, “OpGen”), a precision medicine
company harnessing the power of molecular diagnostics and
bioinformatics to help combat infectious disease, announced today
that total preliminary unaudited revenue for OpGen in
2021 was approximately $4.3 million, compared
to approximately $4.2 million in 2020. Preliminary
revenue for the fourth quarter of 2021 was approximately $1.4
million compared to approximately $1.4 million in the
fourth quarter of 2020. Fourth quarter revenues in 2021 were
achieved despite exiting the FISH business at the beginning of 2021
which had contributed approximately $0.7 million to fourth quarter
2020 revenue. Growing revenue from Unyvero product sales in the
U.S. and globally as well as growth of the Ares Genetics services
and data access business were key drivers of the 2021 revenue
generation. The company expects to provide fourth quarter 2021 and
full year 2021 financial results during its earnings call
in March 2022. OpGen’s cash position as of December 31,
2021 was approximately $36.1 million, a significant increase
from $13.3 million as of December 31, 2020.
The company also announced accomplishment of the
following key milestones and recent developments in the fourth
quarter 2021 as well as 2022 to date:
-
On January 1, 2022, Albert Weber joined as CFO of OpGen and 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
-
OpGen subsidiary Ares Genetics had total fourth quarter 2021
revenue of approximately $0.8 million with 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 2021 where
stockholders approved all agenda items, including an increase in
the company’s authorized shares of common stock
-
Closed a $15 million registered 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 China for 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 Colombia and recognized
the first commercial sale to Annar Dx
Oliver Schacht, President & CEO
of OpGen, commented, “We are pleased with our fourth quarter
and full year 2021 preliminary results and are off to a solid start
in 2022. With our much improved cash position and existing network
of global partnerships, we are convinced that across our portfolio
of products and services we have the potential to see them
contribute significantly to our growth in the year ahead. I am
especially excited about upcoming key milestones such as Chinese
clinical study data and pending NMPA approval decision, our Unyvero
UTI clinical trial and anticipated FDA submission, the Unyvero A30
platform development and partnering milestones and Ares Genetics’
commercial expansion in Europe as well as here in the U.S. with the
recent addition of our SVP Corporate Development and Operations for
Ares.” He added: “We continue our dialog with the European
Investment Bank regarding the various options to structure a
repayment – either in cash or in equity or a combination
thereof – of the loan outstanding. The first tranche matures
and is due for repayment in April 2022.”
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.
About OpGen, Inc.
OpGen, Inc. (Rockville, MD, USA) is a precision
medicine company harnessing the power of molecular diagnostics and
bioinformatics to help combat infectious disease. Along with our
subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are
developing and commercializing molecular microbiology solutions
helping to guide clinicians with more rapid and actionable
information about life threatening infections to improve patient
outcomes, and decrease the spread of infections caused by
multidrug-resistant microorganisms, or MDROs. OpGen’s product
portfolio includes Unyvero®, Acuitas® AMR Gene Panel and the ARES
Technology Platform including ARESdb®, using NGS technology and
AI-powered bioinformatics solutions for antibiotic response
prediction.
For more information, please visit
www.opgen.com.
Forward-Looking Statements
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 Curetis GmbH, the success of
our commercialization efforts, the continued impact of COVID-19 on
the Company’s operations, financial results, and commercialization
efforts as well as on capital markets and general economic
conditions, 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 OpGen's business, please review our
filings with the Securities and Exchange Commission. You are
cautioned not to place undue reliance on these forward-looking
statements, which are based on our expectations as of the date of
this press release and speak only as of the date of this press
release. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
OpGen:Oliver SchachtPresident and
CEOInvestorRelations@opgen.com
OpGen Press Contact:Matthew
Bretzius FischTank Marketing and PR
matt@fischtankpr.com
OpGen Investor Contact:Maxwell
ColbertEdison
Group mcolbert@edisongroup.com
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