Currency in USD
Last close As at 25/03/2023
USD0.17
▲ 0.04 (30.77%)
Market capitalisation
USD7m
Research: Healthcare
OpGen has announced an R&D collaboration with FIND (a global non-profit alliance for diagnostics) and the German KfW bank for its Unyvero A30 RQ platform for pathogen identification (ID) and antimicrobial resistance (AMR testing) using blood culture samples. Phase I of the R&D collaboration will involve a feasibility study, expected to conclude by end Q123. FIND will invest €700k in the study with the option to extend the collaboration, including a potential commercialisation agreement in low- and middle-income countries (LMICs). We see this collaboration as the initial impetus to expand the Unyvero franchise (particularly into developing markets), as well as an opportunity to create cross-selling/bundling for OpGen’s existing products.
OpGen |
Unyvero A30 RQ collaboration with FIND |
Collaboration update |
Pharma and biotech |
20 September 2022 |
Share price performance Business description
Analysts
OpGen is a research client of Edison Investment Research Limited |
OpGen has announced an R&D collaboration with FIND (a global non-profit alliance for diagnostics) and the German KfW bank for its Unyvero A30 RQ platform for pathogen identification (ID) and antimicrobial resistance (AMR testing) using blood culture samples. Phase I of the R&D collaboration will involve a feasibility study, expected to conclude by end Q123. FIND will invest €700k in the study with the option to extend the collaboration, including a potential commercialisation agreement in low- and middle-income countries (LMICs). We see this collaboration as the initial impetus to expand the Unyvero franchise (particularly into developing markets), as well as an opportunity to create cross-selling/bundling for OpGen’s existing products.
Year end |
Revenue ($m) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
4.2 |
(24.7) |
(1.57) |
0.0 |
N/A |
N/A |
12/21 |
4.3 |
(35.7) |
(1.17) |
0.0 |
N/A |
N/A |
12/22e |
4.6 |
(24.0) |
(0.50) |
0.0 |
N/A |
N/A |
12/23e |
7.7 |
(21.4) |
(0.44) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The Unyvero A30 RQ system, OpGen’s latest Unyvero R&D programme, 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). As it is a portable, benchtop system, we expect the instrument/cartridge prices to be lower than the currently marketed Unyvero A50 systems, making them an attractive alternative, particularly in developing markets.
Under the initial feasibility phase of the project, OpGen, through its German subsidiary Curetis, will develop a molecular test panel (containing a comprehensive set of pathogen ID and AMR detection assays) 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.
We see FIND’s decision to collaborate with OpGen as a key development for the company, indicating global recognition and highlighting the potential utility of OpGen’s Unyvero systems in AMR and infectious diseases. If the deal progresses to the commercialisation stage, we anticipate a significantly higher level of investment from FIND. An indicative range can be gauged from recent investments made by the organization – $15.9m for tuberculosis diagnosis in South Africa, India, Kenya and Vietnam (September 2022), $7m for affordable COVID-19 self-tests in LMICs (February 2022) and $21m for molecular diagnostic testing for COVID-19 in LMICs (December 2021).
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Research: Healthcare
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