Infectious disease molecular diagnostics firm OpGen closed its previously announced public offering of an aggregate of 2.6 million shares of its common stock Series A-1 warrants to purchase the same amount of common stock and Series A-2 warrants at a combined public offering price of $2.90 per share.
The Series A-1 warrants have an exercise price of $2.65 per share, are exercisable immediately upon issuance, and will expire five years from the date of issuance. The Series A-2 warrants have an exercise price of $2.65 per share, are exercisable immediately upon issuance, and will expire 18 months from the date of issuance.
H.C. Wainwright & Co. was the exclusive placement agent for the offering, OpGen revealed.
The gross proceeds from the offering were approximately $7.5 million.
OpGen plans to use the net proceeds to support continued commercialization of its U.S. Food and Drug Administration (FDA)-cleared Acuitas AMR Gene Panel test for isolates in the U.S.; commercialize its products with a focus on the Unyvero platform and diagnostic tests; support further development and commercialization of the Ares Genetics database and service offerings; support directed sales and marketing efforts to customers and collaborators; invest in manufacturing and operations infrastructure to support sales of products; and repay certain outstanding debts incurred by the company and its subsidiaries.
Any remaining proceeds will be used for working capital and other general corporate purposes, OpGen said.