OpGen, which provides genetic tests that identify patients with multi-drug resistant bacterial infections, announced terms for its IPO on Monday.
The Gaithersburg, MD-based company plans to raise $34 million by offering 3.8 million shares at a price range of $8 to $10. At the midpoint of the proposed range, OpGen would command a fully diluted market value of $115 million.
OpGen's IPO filing arrives hot on the heels of the White House's recent announcement to combat antibiotic-resistant bacteria, which cited CRE, C. diff and MRSA among the most urgent infections to target. The plan requests a budget of $1.2 billion to cut the occurrence of CRE by 60%, C. diff by 50% and MRSA by 50% by 2020.
OpGen, which was founded in 2001 and booked $4 million in sales for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol OPGN. Maxim Group is the sole bookrunner on the deal. It is expected to price in late April or early May.
