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OpGen, Inc. announced the sale of its commercial customer contracts and Unyvero systems to Camtech Pte for $218,000. Additionally, Ares Genetics GmbH sold its assets to bioMerieux S.A. OpGen plans to work with Camtech and Curetis team to transfer U.S. Unyvero customers. OpGen also offered Camtech the opportunity to acquire its remaining inventory for $176,000. OpGen's CEO sees these transactions as preparation for potential strategic transactions like a reverse merger.
OpGen, Inc. ha annunciato la vendita dei suoi contratti con clienti commerciali e dei sistemi Unyvero a Camtech Pte per 218.000 dollari. Inoltre, Ares Genetics GmbH ha venduto i suoi asset a bioMerieux S.A. OpGen prevede di collaborare con Camtech e il team di Curetis per trasferire i clienti statunitensi di Unyvero. OpGen ha anche offerto a Camtech la possibilità di acquisire il suo inventario rimanente per 176.000 dollari. Il CEO di OpGen vede queste transazioni come preparazione per potenziali operazioni strategiche, come una fusione inversa.
OpGen, Inc. anunció la venta de sus contratos con clientes comerciales y sus sistemas Unyvero a Camtech Pte por 218.000 dólares. Adicionalmente, Ares Genetics GmbH vendió sus activos a bioMerieux S.A. OpGen planea trabajar con Camtech y el equipo de Curetis para transferir a los clientes estadounidenses de Unyvero. OpGen también ofreció a Camtech la oportunidad de adquirir su inventario restante por 176.000 dólares. El CEO de OpGen considera estas transacciones como preparación para posibles transacciones estratégicas, como una fusión inversa.
OpGen, Inc.는 자사의 상업 고객 계약 및 Unyvero 시스템을 Camtech Pte에 218,000달러에 판매했다고 발표했습니다. 또한 Ares Genetics GmbH는 자산을 bioMerieux S.A에 판매했습니다. OpGen은 Camtech 및 Curetis 팀과 협력하여 미국 내 Unyvero 고객에게 이전할 계획입니다. OpGen은 또한 Camtech에게 남은 재고를 176,000달러에 인수할 기회를 제공했습니다. OpGen의 CEO는 이러한 거래를 역합병과 같은 잠재적 전략적 거래를 준비하는 것으로 보고 있습니다.
OpGen, Inc. a annoncé la vente de ses contrats clients commerciaux et de ses systèmes Unyvero à Camtech Pte pour 218 000 dollars. De plus, Ares Genetics GmbH a vendu ses actifs à bioMerieux S.A. OpGen prévoit de travailler avec Camtech et l'équipe de Curetis pour transférer les clients américains d'Unyvero. OpGen a également offert à Camtech l'opportunité d'acquérir son inventaire restant pour 176 000 dollars. Le PDG d'OpGen voit ces transactions comme une préparation pour des transactions stratégiques potentielles telles qu'une fusion inversée.
OpGen, Inc. gab den Verkauf seiner kommerziellen Kundenverträge und Unyvero-Systeme an Camtech Pte für 218.000 Dollar bekannt. Zudem verkaufte Ares Genetics GmbH seine Vermögenswerte an bioMerieux S.A. OpGen plant, mit Camtech und dem Curetis-Team zusammenzuarbeiten, um die US-Unyvero-Kunden zu übertragen. OpGen bot Camtech auch die Möglichkeit, sein verbleibendes Inventar für 176.000 Dollar zu erwerben. Der CEO von OpGen sieht diese Transaktionen als Vorbereitung für mögliche strategische Transaktionen, wie eine Reverse-Merger, vor.
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Insights
This divestiture appears to be a strategic move to streamline OpGen's operations by selling its Unyvero systems to Camtech. The modest sum of $218,000 for the commercial contracts and the option for Camtech to purchase additional inventory for up to $176,000 suggests that the primary objective is not to generate significant immediate revenue, but rather to shed non-core assets. Given the context of insolvency proceedings for its subsidiaries, this sell-off indicates an attempt to refocus the company's resources and potentially reduce operational complexities. The CEO's statement about preparing for a 'strategic transaction' such as a reverse merger indicates a pivot in the company's strategy which could be an attempt to unlock shareholder value through restructuring. Investors should consider the potential for dilution or changes in ownership that such a transaction could entail.
By analyzing the recent activities of OpGen, it becomes apparent that the company is undergoing significant restructuring. The sale of assets under insolvency proceedings to bioMerieux, a major player in the diagnostic sector, reveals OpGen's withdrawal from certain markets or a shift in focus. Stockholders might interpret this as a consolidation effort in preparation for a more robust and targeted business approach or an attempt to salvage the value through a strategic merger, given the company's financial challenges. Historically, transactions like these can result in a positive turnaround if managed effectively, though the actual impact will largely depend on the strategic vision and the quality of execution post-transaction. Investors should keep an eye on the company's next moves to gauge the new direction and its implications on market position.
ROCKVILLE, Md., April 29, 2024 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”) announced today that it entered into an agreement to sell its commercial customer contracts and installed base of Unyvero systems to Camtech Pte Ltd (“Camtech”), a Singaporean family office for $218,000. The transaction follows Camtech’s prior acquisition of all of Curetis GmhH’s (“Curetis”), the Company’s subsidiary, Unyvero assets, rights and businesses, as part of Curetis’ insolvency proceedings.
In addition, the Company’s subsidiary, Ares Genetics GmbH, sold all of its assets, including the ARESdb database and intellectual property portfolio to bioMerieux S.A., as part of Ares Genetics’ insolvency proceedings. Since the sales of both Curetis and Ares Genetics’ assets occurred as part of their insolvency proceedings, OpGen did not participate or have any involvement in such transactions.
OpGen plans to work with Camtech and the Curetis team during the upcoming months to transfer and transition its U.S. Unyvero customers and business. OpGen also offered Camtech the opportunity to acquire its remaining inventory of Unyvero systems for up to an additional $176,000. Until such sale for the remaining inventory is completed, OpGen will maintain commercial operations and service support for the Unyvero systems.
The Chairman and CEO of OpGen, David Lazar, commented: “These transactions are consistent with our strategy of preparing OpGen for a potential strategic transaction, including a potential reverse merger of a private company into OpGen. We believe a strategic transaction would be an attractive proposition to OpGen stockholders who could benefit from future value growth.”
About OpGen, Inc. OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. The Company distributes molecular microbiology solutions that help guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs.
This press release includes statements regarding the sale of certain assets as well as the sale of assets by the Company’s subsidiaries as part of their insolvency proceedings. These statements and other statements regarding OpGen’s future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, our ability to regain compliance with Nasdaq Listing Rules, our ability to continue to finance our business and operations, and our liquidity and working capital requirements. For a discussion of the most significant risks and uncertainties associated with OpGen's business, please review our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
