OpGen Reports First Quarter 2018 Financial Results and Provides a Business Update

OpGen (NASDAQ:OPGN) today reported financial and operating results for the three months ended March 31, 2018, and provided a summary of recent business highlights. Total revenue for the first quarter of 2018 was $0.85 million, up 10% from the $0.77 million reported in the first quarter of 2017. The net loss for the first quarter of 2018 was $3.0 million, a 39% decrease compared with the net loss of $5.0 million for the first quarter of 2017.

As quoted in the press release:

“During the quarter our development efforts advanced for our Acuitas® AMR Gene Panel u5.47 for Research Use Only (RUO) test for infection control purposes and pharmaceutical surveillance studies,” said Evan Jones, Chairman and CEO of OpGen. “The test detects 5 pathogens and 47 gene targets that convey resistance to nine classes of antibiotics directly from urine and bacterial isolates. We were pleased to introduce the Acuitas AMR Gene Panel u5.47 (RUO) during the quarter, and the clinical verification studies begun during the quarter are encouraging.  Following discussion with the U.S. Food and Drug Administration in recent weeks, we are finalizing the clinical trial protocols for our Acuitas AMR Gene Panel u5.47 in vitro diagnostic (IVD) 510(k) submissions. We continue to anticipate initial filings during the fourth quarter of 2018.

Click here to read the full press release.