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Despite the active second quarter with developments across all operational fronts, OpGen’s cash concerns have increased the risk of the company as a going concern. With a cash balance of $3.2m at end Q223, OpGen has a cash runway into September 2023, meaning the need for immediate financing will be critical. Key quarterly highlights included the extension of the FIND R&D collaboration, a non-exclusive distribution agreement with Fisher Healthcare and new commercial contracts for both Unyvero and
Companies: OpGen Inc (OPGN:NYSE)OpGen, Inc. (OPGN:NAS)
Edison
OpGen has announced that Curetis (its German subsidiary) has signed an extended R&D collaboration agreement with FIND following the successful completion of an extended feasibility study. The revised R&D agreement advances the collaboration from feasibility assessment to the initial phases of full in vitro diagnostic (IVD) product development, where the objective is to develop an antimicrobial resistance (AMR) IVD assay on an Unyvero A30 cartridge, along with analytical testing and software deve
OpGen has announced that Curetis (its German subsidiary) has met its objectives agreed under its extended R&D collaboration with FIND (a global non-profit alliance for diagnostics), triggering a $0.2m milestone payment to OpGen. Under the expanded scope of the feasibility study for the Unyvero A30 RQ platform, OpGen was required to provide three more deliverables: an antimicrobial stewardship module, a ‘data everywhere’ concept and next-generation sequencing (NGS) strain analysis. While successf
Companies: OpGen, Inc.
OpGen has reported a productive quarter marked by advancements across the board. Operating loss improved to $5.1m during the quarter (from $5.8m in Q122), driven by 94% y-o-y top-line growth (to $0.9m) and stronger cost controls (total expenses of $6.0m vs $6.3m in Q122). Looking ahead, we anticipate tailwinds from the post-period signing of the Unyvero distribution partnership with Fisher Healthcare and the de novo FDA submission for its UTI panel in April. While Unyvero and ARES will be the ke
In a bid to strengthen its cash position, OpGen has announced a c $3.5m (gross) fund-raise through an equity issue, subject to shareholders’ approval and expected to close on or around 4 May 2023. As part of the offering, OpGen will issue 4.5m common shares (or pre-funded warrants) at $0.7785 per share (close to the last trading price of $0.7784/share) and a similar number of accompanying warrants. The warrants will be exercisable (if approved by shareholders) at a strike price of $0.7785 per sh
OpGen has announced that Curetis (its German subsidiary) has successfully met the remaining key milestones for Unyvero A30 RQ under the initial R&D collaboration with FIND (a global non-profit alliance for diagnostics), triggering a $0.3m milestone payment to OpGen. This development follows the achievement of certain other key milestones in January 2023. While OpGen is still working on the next set of deliverables under the expanded scope of R&D agreement (April 2023), the successful completion
After completing the 1:20 share consolidation, OpGen has announced a $7.5m equity issue to be closed by 11 January 2023. As part of the offering, OpGen will issue 2.6m common shares (or pre-funded warrants) at $2.90 per share, along with a similar number of Series A-1 and A-2 warrants. The warrants will be exercisable immediately at a strike price of $2.65 per share with respective expiry dates of five years and 18 months. OpGen plans to use the funds raised to accelerate commercialization effor
Following a proposed share consolidation announced in November 2022, OpGen has effected a reverse stock split in the ratio of 1:20. This comes in the wake of a Nasdaq notification received in late August 2022 granting the company a 180-day extension (ending in February 2023) to regain compliance with its listing requirements (minimum threshold price of $1 per share). Given Nasdaq’s liquidity and trading volumes, we see Opgen’s ability to maintain the listing as crucial to its effectiveness in ra
OpGen’s valuation case rests on its ability to develop and commercialize its suite of differentiated diagnostic products, focused on combating anti-microbial resistance (AMR). Q322 was marked by several developments on this front (see our last note), albeit offset with market caution in the current macroeconomic environment. This resulted in revised FY22 guidance (revenue of $2.5–3.0m versus c $4.6m previously) with the Q322 results. The delayed sales cycle conversions, along with the regulatory
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OpGen has announced encouraging final data from its Unyvero Urinary Tract Infection (UTI) panel, a diagnostic test designed to detect pathogens and antimicrobial resistance markers related to UTI, from native urine specimens without the need for culturing. The study, which recruited over 1,800 patient samples across four trial sites in the United States, met its primary endpoint with an overall weighted average sensitivity of 96.4% and specificity of 97.4% in preliminary analysis. The favourable
OpGen’s Q322 revenues of $0.4m missed consensus estimates (following a strong Q222 performance), with management attributing the softness to longer than expected sales cycles for ARES and lower Unyvero A50 sales in international markets. Encouragingly though, the quarter was marked by business advancements – signing a second Acuitas AMR Gene Panel commercial contract, completing the UTI test panel patient enrollment in the US, launching ARES sequencing services in the US and announcing collabora
The penultimate quarter of FY22 for OpGen was marked by tangible progress in advancing its pipeline, although revenue realization was lower than anticipated at c $0.4m in Q322 (attributed to a lower-than-expected contribution from ARES). Key milestones achieved during the quarter were the signing of a second commercial contract for the Acuitas AMR Gene Panel, completion of patient enrollment for the UTI test panel in the US, launch of ARES sequencing services in the US and collaborations with FI
OpGen has announced a collaboration agreement with Swiss pharma company, BioVersys, for the use of the Unyvero platform in screening patients for the enrollment of BioVersys’ upcoming Phase II clinical trial of drug candidate BV100. Unyvero’s HPN panel, an integrated sample-to-answer pneumonia cartridge, will be used for detecting a range of pathogens and AMR markers in hospitalized pneumonia patients. This collaboration expands the utilization of the Unyvero platform and OpGen’s overall franchi
OpGen has completed patient sample enrollment in its prospective multicenter trial for the Unyvero urinary tract infection (UTI) panel in the United States, taking the company closer to commercializing another Unyvero test panel, following the lower respiratory tract infection (LRT) and the LRT bronchoalveolar lavage tests in 2018 and 2019, respectively. OpGen reported that more than 1,800 samples have been collected across four sites in the United States as part of the study, exceeding the FDA-
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IP Group’s NAV declined by 13% in total return (TR) terms in FY23, affected by continued soft valuations across venture capital (VC) markets, as well as funding delays at some of its holdings. That said, management indicated that many of IP Group’s portfolio companies continued to make strong progress. Its maturing portfolio offers a number of potential NAV triggers and is now available at a wide 59% discount to NAV. We note that, as at end-2023, only 14% of IP Group’s portfolio was valued based
Companies: IP Group plc
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Companies: System1 Group PLC
Canaccord Genuity
Companies: Deltic Energy Plc
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
Companies: IP BILN SAR GATC ASTO PHE SHOE CCS IP CUSN
Hybridan
Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower
Companies: Braemar PLC
In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.
Companies: ATS MRCH SCP SHRS LWDB JUGI MINI
Capital Access Group
Trinity Delta view: The proprietary pre|CISION platform is key to Avacta’s investment case, hence updated data that continue to support key hypotheses for AVA6000 are reassuring. Future efficacy data from studies planned to start in H224 will be key, and could also help to more broadly validate pre|CISION. The recent £31.1m fundraise (March 2024 Lighthouse), which provides a cash runway of c 24 months ie into early 2026, will be used to advance the therapeutics pipeline, in particular AVA6000, a
Companies: Avacta Group PLC
Trinity Delta
hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in
Companies: hVIVO plc
Cavendish
As pre-announced, Avacta has presented the results of the 3-weekly P1 Arm 1 study of its AVA6000 lead clinical asset, based on the pre|CISION™ drug development platform at the American Association for Cancer Research's annual general meeting. The update does not cover progress on the ongoing 2-weekly dosing study which is underway, and Avacta confirmed current guidance on timing including being on track to begin the dose expansion study in 2H24. There are compelling updates on the progress repor
Companies: SCE HVO VLG
Companies: EBQ NFG SAA SFOR
Deltic Energy plc (DELT.L) has announced some positive news concerning its 50% interest in the Selene joint-venture with Shell UK Ltd. The announcement concerns a farm-out to Dana Petroleum Ltd of a 25% interest in Licence P2437 which contains the Selene prospect. The farm-out calls for Deltic retaining a highly meaningful 25% interest in one of the most interesting prospects in terms of risk profile and scale in the Southern North Sea (SNS) Basin while largely eliminating exposure to the cost o
Allenby Capital
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