Last close As at 05/08/2026
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USD62m
Research: Healthcare
OpGen has announced the expansion of its initial R&D agreement (signed in September 2022) with FIND, a global non-profit alliance for diagnostics, with potential revenue of €830k, roughly €130k higher than previous management guidance. Under the expanded scope as part of the ongoing feasibility stage for the Unyvero A30 RQ platform, OpGen will provide three additional deliverables: Antimicrobial Stewardship module, a ‘Data everywhere’ concept and next-generation sequencing (NGS) strain analysis. OpGen expects to wrap up the R&D phase in Q223, and we anticipate this arrangement will further investigate the robustness of the Unyvero system and its suitability for low- and middle-income countries (LMICs). In our opinion, the successful completion of this stage is a key near-term catalyst, with potential to further extend the Unyvero franchise (particularly into developing markets).
Written by
OpGen |
Expansion of FIND R&D collaboration |
Collaboration update |
Pharma and biotech |
6 April 2023 |
Share price performance
Business description
Analysts
OpGen is a research client of Edison Investment Research Limited |
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OpGen has announced the expansion of its initial R&D agreement (signed in September 2022) with FIND, a global non-profit alliance for diagnostics, with potential revenue of €830k, roughly €130k higher than previous management guidance. Under the expanded scope as part of the ongoing feasibility stage for the Unyvero A30 RQ platform, OpGen will provide three additional deliverables: Antimicrobial Stewardship module, a ‘Data everywhere’ concept and next-generation sequencing (NGS) strain analysis. OpGen expects to wrap up the R&D phase in Q223, and we anticipate this arrangement will further investigate the robustness of the Unyvero system and its suitability for low- and middle-income countries (LMICs). In our opinion, the successful completion of this stage is a key near-term catalyst, with potential to further extend the Unyvero franchise (particularly into developing markets).
Year |
Revenue |
EBITDA* |
PBT* |
EPS* |
P/E |
Net debt/ (cash) ($m) |
12/21 |
4.3 |
(20.4) |
(35.7) |
(23.4) |
N/A |
(14.4) |
12/22 |
2.6 |
(20.6) |
(25.3) |
(10.4) |
N/A |
4.4 |
12/23e |
4.7 |
(17.7) |
(21.0) |
(3.8) |
N/A |
17.6 |
12/24e |
7.9 |
(15.3) |
(19.6) |
(3.6) |
N/A |
37.5 |
Note: *Figures are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments. EPS adjusted for the 1:20 share consolidation in January 2023.
Under the increased scope of the R&D agreement with FIND, OpGen will work on three more deliverables in addition to initial feasibility-stage objectives. The company needs to develop an Antimicrobial Stewardship module, which can guide users to choose the best treatment, supported by rule-based information and on the basis of drug availability in a hospital. Additionally, it will develop a ‘Data everywhere’ concept, which will assess the available hardware and software options for remote connectivity in LMICs, along with NGS strain analysis using isolates from sub-Saharan African countries to investigate any sequence differences.
As a reminder, OpGen announced an R&D collaboration with FIND and the German KfW bank in September 2022 for its Unyvero A30 RQ platform for LMICs. FIND committed to invest €700k in the initial pilot study with an option to extend the collaboration, including a potential commercialization agreement. In the feasibility phase, OpGen, through its German subsidiary Curetis, is to develop a molecular test panel and an easy-to-operate workflow system compatible with currently available blood culture systems in LMICs, as well as modifying certain features of the Unyvero A30 RQ system to adapt to region-specific constraints such as unstable power grids. According to the recent communication from FIND in January 2023, the Unyvero A30 RQ platform achieved a number of milestones (triggering a €200k milestone payment), including successful DNA isolation on the Unyvero A30 cartridge from bacterial strains, 3-plex assays with both pathogen detection and AMR markers and meeting specific requirements for the target product.
If successful, the agreement could be expanded to the next phase of development (including clinical studies, followed by regulatory filings and eventual commercialization) with a materially higher level of investment from FIND.
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Research: Healthcare
Immix Biopharma’s FY22 results reflected a busy period as management ramped up clinical activity across multiple programs. In a major development, Immix expanded its portfolio with the in-licensing of NXC-201, an autologous CAR-T therapy being investigated for the treatment of multiple myeloma (MM) and AL amyloidosis (ALA) currently in the ongoing Phase I/II NEXICART-1 study. With the increase in R&D activity primarily associated with in-licensing NXC-201, Immix reported an operating loss of $8.2m in FY22 (FY21: $1.4m) and we estimate that its net cash position of $13.4m at end-December 2022 provides a cash runway into Q423. Given the company’s increased disclosure of its arrangement with the licensors and of future NEXICART-I study costs, as well as its communicated strategy to expand clinical studies in the US, we now include NXC-201 in our valuation. We value Immix at $77.1m or $5.5 per share (previously $61.5m or $4.4 per share).