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Currency in USD
Last close As at 27/03/2023
USD0.17
▲ 0.04 (30.77%)
Market capitalisation
USD7m
Research: Healthcare
OpGen has announced that its Unyvero A30 RQ platform has achieved certain key initial milestones under its R&D collaboration agreement with FIND (a global non-profit alliance for diagnostics), triggering an undisclosed milestone payment to OpGen. The initial €700k agreement was signed in September 2022 for a pilot project, assessing feasibility of the Unyvero A30 in pathogen identification (ID) and antimicrobial resistance (AMR testing) for low- and middle-income countries (LMICs). OpGen expects to conclude this phase of the agreement by Q223 with the possibility of expanding the arrangement to include clinical studies and eventual commercialization. We see this collaboration as another opportunity for OpGen to expand its Unyvero franchise (particularly into developing markets) and make inroads into the benchtop diagnostics systems space.
OpGen |
FIND milestone payment triggered |
Collaboration update |
Pharma and biotech |
18 January 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 its Unyvero A30 RQ platform has achieved certain key initial milestones under its R&D collaboration agreement with FIND (a global non-profit alliance for diagnostics), triggering an undisclosed milestone payment to OpGen. The initial €700k agreement was signed in September 2022 for a pilot project, assessing feasibility of the Unyvero A30 in pathogen identification (ID) and antimicrobial resistance (AMR testing) for low- and middle-income countries (LMICs). OpGen expects to conclude this phase of the agreement by Q223 with the possibility of expanding the arrangement to include clinical studies and eventual commercialization. We see this collaboration as another opportunity for OpGen to expand its Unyvero franchise (particularly into developing markets) and make inroads into the benchtop diagnostics systems space.
Year end |
Revenue |
EBITDA* |
PBT* |
EPS* |
P/revenue |
P/E |
Net debt/ |
12/20 |
4.2 |
(19.6) |
(24.7) |
(31.5) |
1.7 |
N/A |
6.7 |
12/21 |
4.3 |
(20.4) |
(35.7) |
(23.4) |
1.7 |
N/A |
(14.4) |
12/22e |
3.2 |
(19.9) |
(25.4) |
(10.2) |
2.3 |
N/A |
2.8 |
12/23e |
5.3 |
(16.7) |
(21.8) |
(4.0) |
1.4 |
N/A |
24.0 |
Note: *EBITDA, PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments. EPS adjusted for the 1:20 share consolidation in January 2023.
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. The Unyvero A30 RQ system is a sample-to-answer benchtop system designed to test up to 33 diagnostic targets using a one-time disposable cartridge with a turnaround time of 30–90 minutes (two to three minutes of hands-on time). FIND committed to invest €700k in the initial pilot study with an option to extend the collaboration, including a potential commercialization agreement. Under the feasibility phase of the project, OpGen, through its German subsidiary Curetis, was 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 latest communication from FIND, the Unyvero A30 RQ platform has achieved of a number of milestones 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. In addition, device specification for a prototype cockpit optimized for use with the A30 platform has also been defined. OpGen plans to complete all remaining requirements of the pilot phase agreements by Q223. 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.
As a reminder, OpGen recently raised $6.8m in net proceeds through an equity offering and management expects this cash injection, along with funds at hand, to extend the runway into June 2023.
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