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Opgen prices $3.2M common stock offering

Opgen Inc. priced its underwritten public offering of about 2.2 million of common shares at $1.45 apiece.

The gross proceeds are expected to be about $3.2 million.

In addition, the precision medicine company granted underwriters an option to buy an additional 330,751 common shares to cover overallotments in the offering.

The company plans to use the net proceeds for research and development, including the continued development and manufacturing of its Acuitas AMR Gene Panel tests, which are in-vitro diagnostic tests designed to detect bacterial nucleic acids. The proceeds will also fund acquisitions of products and technologies, capital expenditures as well as working capital.

Opgen plans to close the offering on or about Oct. 22.

Aegis Capital Corp. acted as the sole book-running manager for the offering.

Gaithersburg, Md.-based Opgen develops molecular information products and services for the healthcare industry. It uses molecular diagnostics and bioinformatics to help fight infectious diseases.