OpGen to Acquire Advandx, Inc.
OpGen, Inc. has agreed to acquire AdvanDx, Inc., a Woburn, Mass. developer of advanced molecular diagnostic products. The acquisition will be accounted for as a merger combination.
The consummation of the merger provides OpGen with a family of FDA approved and CE marked rapid molecular tests for use with the company's Acuitas® MDRO Gene tests and bioinformatics for multi-drug resistant organisms. AdvanDx is a market leader in molecular testing of blood cultures. Its QuickFISH™ products are FDA approved and provide 20 minute identification and differentiation of Gram-negative species and other blood pathogens. AdvanDx had gross revenue of approximately $4.8 million in 2014 (based on unaudited financial statements) and has approximately 20 employees. Its facilities are located in Woburn, Mass. and Vedbaek, Denmark.
"The acquisition of AdvanDx strengthens OpGen's portfolio of rapid molecular tests for combating drug resistant infections, while providing additional avenues to sell our Acuitas tests," said Evan Jones, Chairman & CEO. "Combination of the two companies will expand our revenue and customer base and provide rapid testing capabilities to complement our MDRO gene tests. Together we will be able to combine rapid organism ID capabilities with best in class drug resistance testing." OpGen issued 681,818 shares of OpGen common stock in the merger transaction. Majority stockholders in AdvanDx include SLS Ventures AB, Merck Global Health Innovation Fund (Merck GHI) and LD Pensions.
Date Published: July 14, 2015
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