OpGen Investor David Lazar Is Named CEO

Dow Jones03-26

By Ben Glickman

OpGen received a $3 million investment and agreed to appoint its new investor as its next chief executive.

The Rockville, Md.-based precision medicine company said Monday that David Lazar, a private investor, had agreed to buy 3 million shares for $1 each. The company will use proceeds to pay down debts and for other general corporate purchases.

The company had about 10 million shares issued and outstanding as of Sept. 30.

Lazar was named to the board and its next CEO on Monday. Former CEO Oliver Schacht and all the members of the board resigned, the company said.

Lazar said he saw meaningful opportunity in OpGen and was eager to explore potential strategic options for the company.

Schacht would serve as executive vice president for corporate development during the transition, according to OpGen.

Avraham Ben-Tzvi, Matthew McMurdo and David Natan were also appointed to the board on Monday.

OpGen warned of liquidity issues last year and has been exploring potential strategic options.

The company said it would pay $2 million of the proceeds to settle outstanding debt with the European Investment Bank and OpGen's subsidiary Curetis.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

March 25, 2024 16:30 ET (20:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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