OPGEN REPORTS FOURTH QUARTER AND FULL YEAR 2017 FINANCIAL RESULTS AND PROVIDES A BUSINESS UPDATE
Acuitas® AMR Gene Panel u5.47 introduced for Research Use Only
Fourth quarter revenue consistent with previous year; net loss decreases 38% year over year
Conference call begins at 4:30 p.m. Eastern time today
GAITHERSBURG, Md. (March 15, 2018)
– OpGen, Inc. (NASDAQ: OPGN) today reported financial and operating results for the three and 12 months ended December 31, 2017, and provided a summary of recent business highlights. Total revenue for the fourth quarter of 2017 was $1.0 million, compared with $1.0 million for the fourth quarter of 2016. Total revenue for 2017 was $3.2 million, compared with $4.0 million for 2016. The net loss for the fourth quarter of 2017 was $2.9 million, compared with a net loss of $4.8 million for the fourth quarter of 2016. Net loss for 2017 was $15.4 million, compared with a net loss of $19.2 million for 2016.
"During 2017 we completed the initial development of our Acuitas® AMR Gene Panel and the Acuitas Lighthouse® Software for management of patients with complicated urinary tract infections (cUTI). The new Acuitas AMR Gene Panel u5.47 test for Research Use Only (RUO) was released for commercial sale in the first quarter of 2018 for infection control purposes and for pharmaceutical surveillance studies," said Evan Jones, Chairman and CEO of OpGen. "The test detects 5 pathogens and 47 gene targets that span 600 subtypes and convey resistance to nine classes of antibiotics directly from urine. Clinical verification studies are underway, and we anticipate beginning clinical trials in the second quarter in support of a 510(k) filing for clinical use of the test with the U.S. Food and Drug Administration by the end of the year."
Mr. Jones continued, "Earlier this week, we announced a collaboration with Beth Israel Deaconess Medical Center in Boston on a clinical verification study for the Acuitas AMR Gene Panel u5.47 test and Acuitas Lighthouse Software. This prospective verification study is among the first to evaluate potential diagnostic and antibiotic decision-making improvements that could be possible using rapid molecular testing and bioinformatics.
"During the fourth quarter we were awarded a one-year, $860,000 contract from the Centers for Disease Control and Prevention (CDC) to develop smartphone-based clinical decision support solutions for antimicrobial stewardship (AMS) and infection control in low- and middle-income countries. Our work with partners ILÚM Health Solutions, LLC, created by Merck's Healthcare Services and Solutions (HSS) division, and Universidad El Bosque, in Colombia is ongoing."