OpGen Completes Growth Capital Financing
Proceeds to Support Continued Commercialization of Whole Genome Mapping Technology
GAITHERSBURG, Md., Mar 07, 2012 (BUSINESS WIRE) -- OpGen, Inc., a commercial stage whole-genome analysis company, announced today that it has reached agreement with new and existing investors to raise up to $17 million in a new growth capital financing. Harris & Harris Group, Inc. and Cross Creek Capital an affiliate of Wasatch Advisors, joined existing investors Highland Capital Partners, Versant Ventures, jVen Capital and CHL Medical Partners in the round. With the announced financing Misti Ushio, Ph.D., of Harris & Harris Group, will join the OpGen board of directors.
"We are pleased to welcome Harris & Harris Group and Cross Creek Capital as new investors in the company and welcome Misti to the board of directors," said Douglas White, chief executive officer of OpGen. "The new financing will enable us to accelerate our commercial momentum and invest in building our portfolio of products and services, which allow for a more complete and accurate analysis and understanding of genomic structure and content."
The proceeds from this financing will be used to accelerate the commercialization of OpGen's Argus(R) Whole Genome Mapping System as well as its Genome-Builder(TM) tool suite for large genome sequencing assembly and data analysis. Additionally, OpGen recently announced its intention to introduce a new application for whole human chromosome mapping that, when combined with next generation sequencing techniques, can improve the accuracy of human genome sequencing. The new application could also enable the discovery of a wide spectrum of structural variations to pinpoint the origins of genetic diseases.
"For the past several years, Harris & Harris Group has been looking for the next transformative technology that goes beyond high-throughput sequencing. We are excited to have the opportunity to invest in OpGen, which has launched its Whole Genome Mapping system enabling rapid analysis of structural variation," said Misti Ushio, Managing Director of Harris & Harris Group, Inc. "The company has demonstrated commercial success with a proven technology and a growing customer base that includes Wellcome Trust Sanger Institute, The Genome Institute at Washington University, Beijing Genomics Institute and The University of Maryland Institute for Genome Sciences."
"The genomics field continues to rapidly evolve and OpGen is at the forefront of providing cutting edge technology to address some of the biggest challenges in this area," said Evan Jones, executive chairman of the board and managing member of jVen Capital, LLC. "OpGen's Whole Genome Mapping technology provides the research community with the ability to process vast amounts of sequence data and genomics information to provide a more complete and accurate picture. The company is uniquely positioned to capitalize on this need and the continued growth of the market."
About OpGen, Inc.
OpGen, Inc. is a leading innovator in rapid, accurate genomic and DNA analysis systems and services. The company's Argus(R) Whole Genome Mapping System, GenomeBuilder(TM) and MapIt(R) Services provide high resolution, whole genome maps for sequence assembly and finishing, strain typing and comparative genomics in the life sciences market. OpGen's powerful technology dramatically improves the quality of data and time-to results by providing sequence information from single DNA molecules more rapidly and less expensively than previously possible. The company is dedicated to positively influencing individual healthcare outcomes, advancing scientific research and enhancing public health by delivering precise, actionable information and results to customers in the life science and healthcare communities. OpGen's customers include leading genomic research centers, biodefense organizations, academic institutions, clinical research organizations and biotechnology companies. For more information, visit www.opgen.com .
SOURCE: OpGen, Inc.
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