In the last trading session, the stock price of OpGen Inc (NASDAQ:OPGN) declined more than 2% to close the day at $0.195. The decline came at a share volume of 1.07 million compared to average share volume of 1.59 million. Last month, the company issued operational and financial report for the three months closed September 30, 2017.
Evan Jones, the CEO and Chairman of OpGen, reported that during the third quarter, they continued to record vital corporate milestones in the advancement of their latest Acuitas gene tests and informatics targeting multidrug resistant organisms. They continued to advance development of their preliminary Acuitas® AMR Gene Panel u5.47 test as well as the Acuitas Lighthouse® Knowledgebase.
The company is planning to start clinical validation trials during Q4 2017. Consistent with their corporate measure to get third party funding for main development programs, they were awarded a 1-year, $860,000 deal from the CDC to advance smartphone-based clinical choice support solutions for AMS and infection control in middle- and low-income nations.
Mr. Jones stated that they were delighted with their financial performance during Q3 with the considerable narrowing of their net loss. They maintained collaboration and product sales revenue at $736,000, comparable to levels from the third quarter of 2016. The company set out to lower operating expenses by 25% to 30% in 2H2017 versus the first half, or a decline of $4 million to $5 million, of yearly operating expenses and an improvement in their cash burn. The 29% decline in operating expenses versus Q32016, or a decline of $1.6 million in the reported quarter, was consistent with these targets.
The CEO of OpGen reported that their Acuitas Rapid Test is on track to be assessed at third-party clinical locations in the current quarter and issued for research application only in Q1 2018. This antimicrobial resistance test is projected to be the first of a series of many tests that will help resolve the international antibiotic resistance crisis.