Price per share reflects 16.09% premium to July 13 closing share price
By Susanna Moon
Chicago, July 14 – OpGen, Inc. said it closed a $6 million private placement of stock and promissory note with Merck Global Health Innovation Fund. In connection with the financing, David M. Rubin, managing director of Merck GHI, was appointed to OpGen's board of directors.
Under the agreement, Merck GHI will purchase 1,136,364 shares of OpGen common stock at a price of $4.40 per share for an aggregate purchase price of $5 million, according to a company press release.
The price per share is a 16.09% premium to the company’s closing price on July 13.
The company also will issue a $1 million 8% senior secured promissory note due July 2017.
“The investment by Merck GHI will help us further develop OpGen's molecular information business and rapid diagnostics to guide antibiotic therapy,” Evan Jones, chairman and chief executive officer of OpGen, said in the press release.
Rubin is managing director at Merck Global Health Innovation LLC, where he is responsible for identifying investment opportunities in emerging health-care solutions and services, with a particular emphasis on solutions for precision medicine.
OpGen is a Gaithersburg, Md.-based company that uses molecular testing and bioinformatics to help combat multi-drug-resistant bacterial infections.
| Issuer: | OpGen, Inc.
|
| Issue: | Stock, promissory note
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| Amount: | $6 million
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| Warrants: | No
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| Investor: | Merck Global Health Innovation Fund
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| Pricing date: | July 14
|
| Stock symbol: | Nasdaq: OPGN
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| Stock price: | $3.79 at close July 13
|
| Market cap: | $37.79 million
|
|
|
| Stock
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| Amount: | $5 million
|
| Shares: | 1,136,364
|
| Price: | $4.40
|
|
|
| Note
|
| Amount: | $1 million
|
| Maturity: | July 2017
|
| Coupon: | 8%
|
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