ROCKVILLE, Md., May 12, 2022 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its first quarter 2022 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update.

“We are excited about our 2022 progress to date, as we continue to achieve our key milestones,” said Oliver Schacht, President & CEO of OpGen. “We started off the year with successful V&V testing of our Unyvero A30 RQ instrument, and we received positive interim data results of the Unyvero Urinary Tract Infection (UTI) Panel and we are moving forward towards completing the enrollment of the UTI clinical trial and anticipated subsequent FDA submission in the second half of 2022.”

Dr. Schacht continued, “We are executing on our key milestones and expanding and nurturing our network of partnerships and collaborations. Also, we have seen over 76% growth in direct sales in the U.S. compared to the first quarter of last year. We are excited about the year ahead and look forward to continuing the fight against antimicrobial resistance.”

First Quarter 2022 Financial Results of OpGen, Inc.

“Despite the continued COVID headwinds, there were bright spots in the growth in direct product sales in the U.S.,” said Albert Weber, OpGen’s Chief Financial Officer. “Based on this progress and a healthy funnel of commercial opportunities, we remain optimistic about the future growth trajectory of the company in the coming quarters.”

Mr. Weber also commented on the restructuring of the repayment of the first tranche of the loan from the European Investment Bank (EIB) to OpGen’s German subsidiary, Curetis GmbH (Curetis). In April, OpGen announced that Curetis and the EIB plan to restructure the repayment of the first debt tranche which became due in April 2022. Based on this plan, the Company repaid euro 5 million in April 2022 and expects to amortize the remainder of the debt tranche of approximately euro 8.35 million (balance as of the twelve-month period beginning in May 2022) in monthly instalments of about euro 0.7 million. Mr. Weber stated that, “We’ve approached our debt repayment in a strategic way that gives us greater flexibility to manage our cash and avoid reserving large amounts of shares from our authorized common at a time when share price has been under quite some pressure.”  

In the reporting quarter and year to date, the Company reached the following key milestones:

In terms of fiscal 2022 guidance, OpGen expects:

Conference Call Information

OpGen’s management will host a conference call today, May 12th at 4:30 p.m. EDT, to go over the first quarter financial results and business activities, as well as answer analyst questions.

Dial-in Information
U.S. Dial-in Number: +1-877-704-4453
International Dial-in Number: +1-201-389-0920
Webcast: https://services.choruscall.com/mediaframe/webcast.html?webcastid=n37Dadqy
Conference ID: 13729189

Following the conclusion of the conference call, a replay will be available through May 26th, 2022.
The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com.
A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website for 90 days. Replay access information is below:

Replay Information
U.S. Dial-in Number: +1-844-512-2921
International Dial-in Number: +1-412-317-6671
Replay PIN: 13729189

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 the first quarter 2022 financials of OpGen and the current business of OpGen. 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, the success of our commercialization efforts, 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 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, our ability to satisfy debt obligations under our loan with the European Investment Bank, the effect of the military action in Russia and Ukraine on our distributors, collaborators and service providers, our liquidity and working capital requirements, 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, Inc.
Consolidated Balance Sheets
(unaudited)
      
  March 31, 2022 December 31, 2021 
Assets     
Current assets     
Cash and cash equivalents $30,653,410  $36,080,392  
Accounts receivable, net  265,885   1,172,396  
Inventory, net  1,361,221   1,239,456  
Prepaid expenses and other current assets  1,212,195   1,250,331  
Total current assets  33,492,711   39,742,575  
Property and equipment, net   3,721,720   4,011,748  
Finance lease right-of-use assets, net  50,756   90,467  
Operating lease right-of-use assets  1,706,346   1,814,396  
Goodwill  7,316,883   7,453,007  
Intangible assets, net  14,054,168   14,530,209  
Strategic inventory  3,448,808   3,472,337  
Other noncurrent assets  468,041   551,794  
Total assets $ 64,259,433  $ 71,666,533  
Liabilities and Stockholders’ Equity     
Current liabilities     
Accounts payable $865,440  $1,307,081  
Accrued compensation and benefits  1,695,557   1,621,788  
Accrued liabilities  1,582,882   1,965,845  
Current maturities of long-term debt  14,394,824   14,519,113  
Short-term finance lease liabilities  26,462   43,150  
Short-term operating lease liabilities  447,710   459,792  
Total current liabilities  19,012,875   19,916,769  
Long-term debt, net  7,955,483   7,176,251  
Derivative liabilities  114,804   228,589  
Long-term finance lease liabilities  2,803   3,644  
Long-term operating lease liabilities  2,860,703   2,977,402  
Other long-term liabilities  141,631   146,798  
Total liabilities  30,088,299   30,449,453  
Stockholders’ equity     
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at March 31, 2022 and December 31, 2021, respectively  —   —  
Common stock, $0.01 par value; 100,000,000 shares authorized; 46,557,750 and 46,450,250 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively  465,578   464,503  
Additional paid-in capital  275,949,034   275,708,490  
Accumulated deficit  (242,345,255)  (235,541,539) 
Accumulated other comprehensive income  101,777   585,626  
Total stockholders’ equity  34,171,134   41,217,080  
Total liabilities and stockholders’ equity $ 64,259,433  $ 71,666,533  
      



OpGen, Inc. 
Consolidated Statements of Operations and Comprehensive Loss 
(unaudited) 
      
  Three Months Ended March 31, 
   2022   2021  
Revenue     
Product sales $366,052  $613,918  
Laboratory services  42,929   97,726  
Collaboration revenue  60,764   118,072  
Total revenue  469,745   829,716  
Operating expenses     
Cost of products sold  291,997   554,054  
Cost of services  30,562   104,984  
Research and development  2,316,441   2,813,491  
General and administrative  2,625,053   2,663,657  
Sales and marketing  1,051,432   899,252  
Impairment of right-of-use asset  —   55,496  
Total operating expenses  6,315,485   7,090,934  
Operating loss  (5,845,740)  (6,261,218) 
Other (expense) income     
Warrant inducement expense  —   (7,755,541) 
Interest and other income  3,121   4,925  
Interest expense  (1,269,581)  (1,164,982) 
Foreign currency transaction gains  198,740   427,615  
Change in fair value of derivative financial instruments  109,744   (101,390) 
Total other expense  (957,976)  (8,589,373) 
Loss before income taxes  (6,803,716)  (14,850,591) 
Provision for income taxes  —   —  
Net loss $ (6,803,716) $ (14,850,591) 
Net loss available to common stockholders $ (6,803,716) $ (14,850,591) 
Net loss per common share - basic and diluted $ (0.15) $ (0.50) 
Weighted average shares outstanding - basic and diluted  46,483,694   29,485,067  
Net loss $(6,803,716) $(14,850,591) 
Other comprehensive loss - foreign currency translation  (483,849)  (1,078,479) 
Comprehensive loss $ (7,287,565) $ (15,929,070) 
      


OpGen:
Oliver Schacht
President and CEO
InvestorRelations@opgen.com

OpGen Press Contact:
Matthew Bretzius 
FischTank Marketing and PR
matt@fischtankpr.com

OpGen Investor Contact:
Alyssa Factor
Edison Group
afactor@edisongroup.com