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Currency in USD
Last close As at 26/05/2023
USD0.69
▲ −0.06 (−8.00%)
Market capitalisation
USD4m
Research: Healthcare
OpGen has announced that Curetis (its German subsidiary) has successfully met the remaining key milestones for Unyvero A30 RQ under the initial R&D collaboration with FIND (a global non-profit alliance for diagnostics), triggering a $0.3m milestone payment to OpGen. This development follows the achievement of certain other key milestones in January 2023. While OpGen is still working on the next set of deliverables under the expanded scope of R&D agreement (April 2023), the successful completion of the feasibility phase indicates Unyvero’s potential adaptability for low- and middle-income countries (LMICs). As a step forward, OpGen will seek to expand the agreement towards clinical studies and subsequent commercialization.
OpGen |
FIND agreement milestones achieved |
Collaboration update |
Pharma and biotech |
27 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 that Curetis (its German subsidiary) has successfully met the remaining key milestones for Unyvero A30 RQ under the initial R&D collaboration with FIND (a global non-profit alliance for diagnostics), triggering a $0.3m milestone payment to OpGen. This development follows the achievement of certain other key milestones in January 2023. While OpGen is still working on the next set of deliverables under the expanded scope of R&D agreement (April 2023), the successful completion of the feasibility phase indicates Unyvero’s potential adaptability for low- and middle-income countries (LMICs). As a step forward, OpGen will seek to expand the agreement towards clinical studies and subsequent commercialization.
Year end |
Revenue ($m) |
EBITDA* ($m) |
PBT* |
EPS* |
P/E |
Net debt / (cash) |
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.
During the R&D phase, OpGen developed and demonstrated wet-lab testing of a sample-in to result-out at the Unyvero A30 panel with 33 targets, reflecting fully integrated sample preparation. A number of Unyvero A30 system adaptations were implemented as per requirements for LMICs. The company also designed, built and tested instrument prototypes in high-dust, extended temperature range and power-out scenarios, to check the adaptability for LMICs. Based on the final milestone data, FIND believes the adapted prototype test meets the quality and accuracy requirement for LMICs. OpGen plans to focus on the next set of deliverables under the expanded scope of the agreement including isolates from other sub-Saharan African countries.
As a reminder, OpGen announced the expansion of its initial R&D agreement (signed in September 2022) with FIND in April 2023, with potential revenue of €830k, c €130k higher than previous management guidance. Under the expanded scope of the agreement, OpGen will provide three additional deliverables: an Antimicrobial Stewardship module (guiding users to choose the best treatment, supported by rule-based information and on the basis of drug availability in a hospital), a ‘data everywhere’ concept (assessing the available hardware and software options for remote connectivity in LMICs) and next-generation sequencing strain analysis (using isolates from sub-Saharan African countries to investigate sequence differences).
OpGen expects to wrap up the expanded R&D phase in Q223 and its successful completion remains a key near-term catalyst, in our view. We see the possibility of the agreement expanding to the next phase of development (including clinical studies, followed by regulatory filings and eventual commercialization) with a significantly higher investment from FIND, which could support the top-line growth.
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Research: Financials
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