OpGen, which provides genetic tests that identify multi-drug resistant bacterial infections, lowered the proposed deal size for its upcoming IPO on Friday. The Gaithersburg, MD-based company now plans to raise $15 million by offering 2.5 million units at a price range of $5.50 to $6.50. Each unit will contain a share of common stock and a warrant to purchase a share of common stock at 110% of the IPO price. The company had previously filed to offer 3.8 million shares at a range of $8 to $10. At the midpoint of the revised range, OpGen will raise 56% fewer proceeds than previously anticipated.
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 LLC is the sole bookrunner on the deal. It is expected to price during the week of April 27, 2015.
