OpGen Shares Take Flight on Talks for Potential Deal

Tiger Newspress2023-10-12

Shares of OpGen surged 775% in premarket trading Thursday after the precision-medicine company said it was in talks on a potential strategic transaction with an unnamed investor.

In a filing with the U.S. Securities and Exchange Commission, OpGen said it agreed to sell $1 million of preferred stock to the investor in a private placement in connection with the talks.

In a separate filing, OpGen said its Curetis unit received an advance payment of nearly $800,000 related to the sale of certain Unyvero A50 systems to a unnamed strategic partner, and that the partner may buy additional systems while the parties pursue a potential strategic transaction.

OpGen, which previously warned that it was running out of cash and flagged doubt about its ability to continue as a going concern, said it plans to use the proceeds from the two transaction to fund its operations while it pursues a deal.

OpGen shares, which closed Wednesday at 33.6 cents, were recently changing hands at $2.12 in premarket trading.

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2023-10-13
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