Curetis N.V. Informs on OpGen’s Fourth Quarter and Full Year 2019 Financial Results and Business Update
- Quorum achieved for OpGen stockholder vote on Curetis business combination with 99% of votes supporting transaction
- Transaction close anticipated by early April 2020
- Combined OpGen and Curetis business generated $6 million in unaudited pro forma combined 2019 revenue (up from $4.5 million in 2018)
- First shipments of BGI SARS-CoV-2 rapid PCR kits completed by Curetis in Europe. Additional actions planned to address the global COVID-19 pandemic
Amsterdam, the Netherlands, Holzgerlingen, Germany, and San Diego, CA, USA,
March 25, 2020, 08:00 am CET - Curetis N.V. (the "Company" and together with its subsidiaries "Curetis"), a developer of next-level molecular diagnostic solutions, reports that OpGen Inc. (“OpGen”) yesterday, March 24, 2020, reported its audited stand-alone financial and operating results for the three and 12 months ended December 31, 2019 and provided a business update for OpGen and the Curetis Group.
Total OpGen revenue for the fourth quarter of 2019 was $821 thousand, compared with $759 thousand for the fourth quarter of 2018, an 8.1% increase. Total OpGen revenue for 2019 was $3.5 million compared with $2.9 million reported for 2018, an 18.7% increase. Combined unaudited pro forma revenue for the OpGen and Curetis business was approximately $6 million in 2019 revenue up from approximately $4.5 million in 2018, a 33% increase.
Further OpGen reported that a quorum has been achieved for OpGen’s upcoming Special Meeting of Stockholders, scheduled for March 30, 2020, at which stockholders will vote on the business combination transaction with Curetis. As of March 23, 2020, more than 99% of votes cast support approval of the business combination transaction. OpGen anticipates receiving formal approval of the transaction at the upcoming Special Meeting on March 30. As previously announced, on March 10, 2020, Curetis shareholders voted to approve the transaction, making the approval of OpGen’s shareholders the last major hurdle to closing the planned business combination. The companies anticipate closing the business combination transaction by early April 2020 following its approval at the OpGen Special Meeting. The expected near-term completion of this combination follows the successful addition of $22.6 million in working capital over the last six months which has supported the continued execution of both companies’ business plans and provides significant funding for the combined company going forward.
Evan Jones, Chairman and CEO of OpGen, in a press release by Opgen stated, “We are pleased with OpGen’s fourth quarter and fiscal year 2019 results and are truly excited to see the imminent completion of our business combination with Curetis. We have successfully executed on all steps needed to satisfy the conditions to closing the transaction and expect our stockholders to approve the transaction in the near term. Thus, we look forward to our combined 2020 growth and corporate development.”
Mr. Jones continued, “These are unprecedented times with the COVID-19 pandemic impacting society and businesses globally. Curetis took early action to supply the BGI SARS-CoV-2 rapid PCR test kit in Europe, and first shipments of product were completed this week. Together at OpGen and Curetis we are mobilizing our companies to help make a difference in the fight against this new virus. Operations and programs have been impacted by the government, societal, and internal corporate actions to help combat the pandemic; however, both companies are currently supplying all of their products as needed to our healthcare customers.”
For OpGen’s full press release titled “OpGen Reports Fourth Quarter and Full Year 2019 Financial Results and Provides Business Update for OpGen and Curetis Group” please see OpGen’s website at: http://ir.opgen.com/news-releases/news-release-details/opgen-reports-fourth-quarter-and-full-year-2019-financial
Curetis N.V.’s (Euronext: CURE) goal is to become a leading provider of innovative solutions for molecular microbiology diagnostics designed to address the global challenge of detecting severe infectious diseases and identifying antibiotic resistances in hospitalized patients.
Curetis’ Unyvero System is a versatile, fast and highly automated molecular diagnostic platform for easy-to-use, cartridge-based solutions for the comprehensive and rapid detection of pathogens and antimicrobial resistance markers in a range of severe infectious disease indications. Results are available within hours, a process that can take days or even weeks if performed with standard diagnostic procedures, thereby facilitating improved patient outcomes, stringent antibiotic stewardship and health-economic benefits. Unyvero in vitro diagnostic (IVD) products are marketed in Europe, the Middle East, Asia and the U.S.
Curetis’ wholly owned subsidiary Ares Genetics GmbH is developing next-generation solutions for infectious disease diagnostics and therapeutics. The ARES Technology Platform combines the presumably most comprehensive database worldwide on the genetics of antimicrobial resistances, ARESdb, with advanced bioinformatics and artificial intelligence.
This document constitutes neither an offer to buy nor an offer to subscribe for securities and neither this document nor any part of it should form the basis of any investment decision in Curetis.
The information contained in this press release has been carefully prepared. However, Curetis bears and assumes no liability of whatever kind for the correctness and completeness of the information provided herein. Curetis does not assume an obligation of whatever kind to update or correct information contained in this press release whether as a result of new information, future events or for other reasons.
This press release includes statements that are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “intends,” “targets,” “may,” “will,” or “should” and include statements Curetis makes concerning the intended results of its strategy. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Curetis’ actual results may differ materially from those predicted by the forward-looking statements. Curetis undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by law.