BioVersys AG

Total revenue for the first quarter of 2023 was approximately $0.91 million, an increase of approximately 94% compared to the first quarter of 2022Expanded U.S. growth opportunities with the Unyvero UTI De Novo FDA submission and Unyvero distribution partnership with Fisher HealthcareMet all remaining key milestones of the FIND collaboration for Unyvero A30Management conference call scheduled for May 15, 2023, at 4:30 p.m. EST ROCKVILLE, Md., May 15, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its first quarter 2023 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update. Oliver Schacht, President & CEO of OpGen, commented, “The beginning of this year has been a news rich period. It's clear the momentum during the first quarter has carried over to the second quarter. We look forward to our near-term strategic goals and continue to focus on executing on our operational and commercial plans.” Mr. Schacht continued, “We continue to see revenue growth opportunities for our Unyvero products and Ares Genetics’ services globally and especially here in the U.S. We recently announced our distribution partnership for Unyvero products with Fisher Healthcare, and we believe will create traction and momentum for our Unyvero sales in the U.S. under this distribution partnership in the coming quarters and beyond.” First Quarter 2023 Financial Results of OpGen, Inc. Total revenue for the first quarter of 2023 was approximately $0.91 million, an increase of approximately 94% over the company’s revenue of $0.47 million in the first quarter of 2022. Compared to the fourth quarter 2022 revenue of $0.72 million, OpGen achieved a 26% revenue increase in the first quarter of 2023.Total operating expenses decreased in the first quarter of 2023 to $6.0 million compared to $6.3 million for the same quarter in 2022.Cash and cash equivalents were approximately $7.0 million as of March 31, 2023, compared with $7.4 million as of December 31, 2022. During the year to date period, the Company reached the following key milestones: OpGen subsidiary, Curetis, met all remaining key milestones in its R&D collaboration project with the Foundation for Innovative New Diagnostics (FIND).Signed a short-term expansion of Curetis’ R&D collaboration with FIND. The work already completed under the collaboration was expanded by three work packages, which increased total project volume to up to approximately $913 thousand in revenue.Submitted a De Novo classification request to the FDA for the marketing authorization of Unyvero Urinary Tract Infection (UTI) panel. The Company received confirmation from the FDA that the submission is complete, and that they have initiated substantive review. If cleared, the Unyvero UTI would become the first ever rapid multiplex sample-to-answer IVD test for urinary tract infections available in the U.S.Entered a non-exclusive distribution agreement with Fisher Healthcare, a part of Thermo Fisher Scientific. This agreement is for the distribution of the Unyvero A50 platform and in vitro diagnostic tests for pneumonia and urinary tract infections.Entered into a strategic advisory agreement to support Unyvero A30 corporate business development in China and engage in frequent, ongoing dialog with our Chinese partners.OpGen subsidiary, Ares Genetics, announced that they were granted a key patent in China. The patent covers the identification and diagnostic use of genomic variants for the diagnosis of antibiotic resistant bacteria infections.Closed $7.5 million and $3.5 million public offerings with net proceeds to be used, among other things, for the support of commercialization of the Acuitas AMR Gene Panel, products on the Unyvero platform, development of the ARES database, and to support direct sales and marketing as well as repayment of certain indebtedness to the EIB. The Company reiterates and updates its guidance for 2023 as follows: net cash consumption of around $4.5 to $5 million per quarter from its current operations;continue pursuing significant revenue growth opportunities, especially with Unyvero product sales and ARESiss services, both in the U.S. and internationally;actively pursue the commercial opportunities in our funnel;expect global revenues from our products, services and collaborations for 2023 to be in the range of approximately $4 to $5 million;engage in interactive review with the FDA towards a clearance decision on the De Novo classification request for the Unyvero UTI panel;recognize approximately $180 thousand in the second quarter for the additional work packages from the FIND collaboration;expect continued revenue generation and growth under the collaboration between Curetis and BioVersys during 2023 and 2024 as the BioVersys clinical trial progresses;prioritize non-dilutive financing with several multi-million dollar proposals already submitted or currently being prepared for submission, recognizing that the Company needs a strong balance sheet to support and provide co-funding for projects under any such agreements. Conference Call Information OpGen’s management will host a conference call today, May 15, 2023 at 4:30 p.m. EST, to review the first quarter 2023 financial results and business activities, as well as answer analyst questions. Conference Call Details U.S. Dial-in Number:1-877-704-4453International Dial-in Number:1-201-389-0920Conference ID:13738364Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1611539&tp_key=76976884dc Following the conclusion of the conference call, a replay will be available through May 29th, 2023. The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com. A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website under Financials & Filings. Replay access information is below: Replay Details U.S. Dial-in Number:1-844-512-2921International Dial-in Number:1-412-317-6671Replay PIN:13738364 About OpGen, Inc. OpGen, Inc. (Rockville, Md., U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, ARESasp, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit. For more information, please visit www.opgen.com Forward-Looking Statements This press release includes statements regarding the first quarter 2023 and the current business of OpGen. These statements and other statements regarding OpGen’s future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, the success of our commercialization efforts, our ability to successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for and commercialize our product and services offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the fact that we may not effectively use proceeds from recent financings, our ability to satisfy debt obligations under our loan with the European Investment Bank, the effect of the military action in Russia and Ukraine on our distributors, collaborators and service providers, our liquidity and working capital requirements, the effect on our business of existing and new regulatory requirements, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with OpGen's business, please review our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. OpGen: Oliver Schacht President and CEO InvestorRelations@opgen.com OpGen Investor & Press Contact: Alyssa Factor Edison Group afactor@edisongroup.com OpGen, Inc. and SubsidiariesConsolidated Balance Sheets(unaudited) March 31, 2023 December 31, 2022 Assets Current assets Cash and cash equivalents$7,039,375 $7,440,030 Accounts receivable, net 666,765 514,372 Inventory, net 1,577,762 1,345,137 Prepaid expenses and other current assets 1,455,815 1,355,949 Total current assets 10,739,717 10,655,488 Property and equipment, net 3,666,823 3,457,531 Finance lease right-of-use assets, net 2,671 3,500 Operating lease right-of-use assets 2,139,974 1,459,413 Intangible assets, net 7,398,333 7,440,974 Strategic inventory, net 2,066,795 2,300,614 Other noncurrent assets 497,055 495,629 Total assets$26,511,368 $ 25,813,149 Liabilities and Stockholders’ Equity Current liabilities Accounts payable$266,637 $420,821 Accrued compensation and benefits 1,424,602 1,097,654 Accrued liabilities 1,436,014 1,526,204 Deferred revenue 46,003 142,061 Current maturities of long-term debt 4,959,417 7,023,901 Short-term finance lease liabilities 2,803 3,364 Short-term operating lease liabilities 500,994 377,626 Total current liabilities 8,636,470 10,591,631 Long-term debt, net 5,358,433 4,850,686 Long-term finance lease liabilities — 280 Long-term operating lease liabilities 3,121,433 2,566,138 Derivative liabilities 88,635 99,498 Other long-term liabilities 129,213 129,368 Total liabilities 17,334,184 18,237,601 Stockholders’ equity Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at March 31, 2023 and December 31, 2022 — — Common stock, $0.01 par value; 100,000,000 shares authorized; 5,495,546 and 2,899,911 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 54,955 28,999 Additional paid-in capital 288,326,377 281,167,161 Accumulated deficit (278,561,375) (272,824,772) Accumulated other comprehensive loss (642,773) (795,840) Total stockholders’ equity 9,177,184 7,575,548 Total liabilities and stockholders’ equity$26,511,368 $ 25,813,149 OpGen, Inc. and SubsidiariesConsolidated Statements of Operations and Comprehensive Loss(unaudited) Three months ended March 31, 2023 2022 Revenue Product sales$410,897 $366,052 Laboratory services 21,673 42,929 Collaboration revenue 480,874 60,764 Total revenue 913,444 469,745 Operating expenses Cost of products sold 592,378 291,997 Cost of services 128,306 30,562 Research and development, net 1,812,831 2,316,441 General and administrative 2,423,953 2,625,053 Sales and marketing 1,026,087 1,051,432 Total operating expenses 5,983,555 6,315,485 Operating loss (5,070,111) (5,845,740) Other (expense) income Interest and other income 30,106 3,121 Interest expense (617,298) (1,269,581) Foreign currency transaction (losses) gains (91,994) 198,740 Change in fair value of derivative financial instruments 12,694 109,744 Total other expense (666,492) (957,976) Loss before income taxes (5,736,603) (6,803,716) Provision for income taxes — — Net loss$(5,736,603) $(6,803,716) Net loss available to common stockholders$(5,736,603) $(6,803,716) Basic and diluted net loss per share attributable to common stockholders$(1.25) $(2.93) Weighted average shares outstanding - basic and diluted 4,577,269 2,324,184 Net loss$(5,736,603) $(6,803,716) Other comprehensive income (loss) - foreign currency translation 153,067 (483,849) Comprehensive loss$(5,583,536) $(7,287,565)

Preliminary full year revenue for 2022 of approximately $ 2.7 million is within most recent guidance range Cash position as of December 31, 2022 was approximately $7.4 million Balance sheet strengthened by recently closed public offering with gross proceeds of $7.5 million ROCKVILLE, Md., Jan. 18, 2023 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, today announced preliminary unaudited revenue for 2022. Preliminary revenue for full year 2022 was approximately $2.7 million, which falls within the most recent guidance range the Company had provided in its Q3 earnings call. The year-end cash position as of December 31, 2022 amounted to approximately $7.4 million. On January 11, 2023, the Company successfully closed a public offering of securities raising gross proceeds of $7.5 million and net proceeds of approximately $6.8 million after deduction of placement agent commission and transaction related expenses. OpGen also provides the following updates on important aspects of its business and reported on the accomplishment of key milestones in Q4-2022 and early 2023: Closed a $7.5 million public offering of approximately 2.6 million shares of common stock, or pre-funded warrants in lieu thereof, at $2.90 each, along with accompanying Series A-1 and Series A-2 warrants with an exercise price of $2.65 per share. Implemented a 1 for 20 reverse stock split to regain compliance with Nasdaq’s minimum bid price rule in advance of the February 2023 deadline. Achieved several key milestones and deliverables under the collaboration with the Foundation for Innovative New Diagnostics (FIND), which triggered a milestone payment in early 2023. Following successful completion of patient sample enrollment into the Unyvero Urinary Tract Infection (UTI) clinical trial in the U.S., OpGen completed its initial analysis and published strong top-line data with an overall weighted average sensitivity of 96.4% and an overall weighted average specificity of 97.4%. The Company also initiated the full data analysis and began preparation of its FDA submission package which is expected to be submitted in the coming months. Furthermore, OpGen began next generation sequencing of over 1,000 bacterial isolates from its UTI clinical trial. OpGen initiated a collaboration with Swiss-based BioVersys by training their internal team, as well as members of the clinical research organization (CRO) that will be supporting the BioVersys phase II clinical trial, on the Unyvero platform and use of the Unyvero HPN pneumonia panel. Signed second Acuitas AMR Gene Panel customer contract and successfully installed first two Acuitas systems. Progressed multiple potential commercial agreements and contracts for Acuitas as well as Unyvero LRT BAL and UTI in the U.S. and intend to obtain signatures subject to customer approval. First commercial purchase orders from new customer accounts were already received and processed in Q4-2022. Launched ARESiss next generation sequencing service from OpGen’s Rockville, Maryland lab and successfully executed large pilot project on isolates from the UTI trial. Ares added several new commercial customer accounts for ARES services globally. Oliver Schacht, President and Chief Executive Officer of OpGen, commented: “Despite the many challenges during 2022, we delivered on several key milestones that were planned for the year. The successful completion of our UTI clinical trial with excellent top-line data which we will now prepare for submission to the FDA, the FIND collaboration and its several milestones successfully achieved already, the launch of our ARES next generation sequencing service offerings in the U.S., and most recently, the implementation of a reverse stock split to regain compliance with Nasdaq’s minimum bid price rule followed by a successful financing transaction in very challenging market conditions provide us with all of the ingredients for a strong start into 2023. The funnel of new commercial customer contracts and new accounts having begun ordering products and services from OpGen globally provide a solid foundation for revenue growth in 2023.” About OpGen, Inc. OpGen, Inc. (Rockville, MD, U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for antibiotic response prediction including ARESiss, ARESid, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit. For more information, please visit . Forward-Looking Statements This press release includes statements regarding the Company’s preliminary unaudited revenue and business update. These statements and other statements regarding OpGen’s future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, the success of our commercialization efforts, our ability to successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for and commercialize our product and services offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the fact that we may not effectively use proceeds from recent financings, the continued realization of expected benefits of our business combination transaction with Curetis GmbH, the continued impact of COVID-19 on the Company’s operations, financial results, and commercialization efforts as well as on capital markets and general economic conditions, our ability to satisfy debt obligations under our loan with the European Investment Bank, the effect of the military action in Russia and Ukraine on our distributors, collaborators and service providers, our liquidity and working capital requirements, the effect on our business of existing and new regulatory requirements, our ability to realize any anticipated benefits from the reverse stock split, including maintaining its listing on the Nasdaq Capital Market and attracting new investors, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with OpGen's business, please review our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. OpGen: Oliver Schacht President and CEO InvestorRelations@opgen.com OpGen Press Contact: Matthew Bretzius FischTank Marketing and PR matt@fischtankpr.com OpGen Investor Contact: Alyssa Factor Edison Group afactor@edisongroup.com

Completes first two commercial customer installations for Acuitas AMR Gene PanelOpGen subsidiary, Curetis, signed collaboration agreement with BioVersys AG and R&D collaboration agreement with FIND for the Unyvero A30 RQ platformElects Yvonne Schlaeppi as new, independent non-executive director to the boardManagement conference call scheduled for November 10, 2022, at 4:30 p.m. EST ROCKVILLE, Md., Nov. 10, 2022 (GLOBE NEWSWIRE) -- OpGen, Inc. (Nasdaq: OPGN, “OpGen” or “the Company”), a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease, reported its third quarter 2022 financial and operating results. Management will host an investor call to discuss quarterly results and provide a business update. Oliver Schacht, President & CEO of OpGen, commented, “During the third quarter we reached multiple agreements and entered into collaborations with various partners. These include our research collaboration agreement with the Belgian National Reference Center (BNRC), an R&D collaboration with FIND, our second commercial installation of the Acuitas AMR Gene Panel, a new commercial contract for Unyvero in the U.S., and a collaboration agreement with BioVersys. We are seeing progress on both the R&D and commercial fronts and look forward to the upcoming progress.” Mr. Schacht continued, “As we proceed through 2022 and move into the calendar year of 2023, we have several upcoming catalysts and milestones to look forward to, including our UTI clinical trial data read-out and anticipated subsequent FDA submission, proceeds from the FIND collaboration as well as its potential future extension and expansion, and several potential new commercial contracts with U.S. customers across Unyvero and Acuitas products. We look forward to announcing these potential milestones as we continue to focus on building shareholder value.” Third Quarter 2022 Financial Results of OpGen, Inc. Total revenue for the third quarter of 2022 was approximately $0.4 million, compared with approximately $1.2 million in the third quarter of 2021. Total revenue for the nine months ended September 30, 2022 was approximately $1.9 million, compared with approximately $2.9 million for the nine months ended September 30, 2021.Operating expenses for the third quarter of 2022 were approximately $14.0 million, compared with approximately $6.3 million in the third quarter of 2021. Operating expenses for the nine months ended September 30, 2022 were approximately $26.5 million, compared with approximately $20.4 million for the nine months ended September 30, 2021.The net loss available to common stockholders for the third quarter of 2022 was approximately $14.1 million, or $0.30 per share, compared with approximately $6.1 million, or $0.16 per share, in the third quarter of 2021. Net loss for the nine months ended September 30, 2022 was approximately $26.7 million, compared with approximately $28.0 million for the nine months ended September 30, 2021.Cash and cash equivalents were approximately $10.3 million as of September 30, 2022, compared with $36.1 million as of December 31, 2021. In the third quarter and year to date, the Company reached the following key milestones: OpGen subsidiary, Ares Genetics, signed a research collaboration agreement with the Belgian National Reference Center (BNRC) for invasive Streptococcus pneumoniae at the University Hospital Leuven.OpGen subsidiary, Ares Genetics, launched the ARESiss isolate sequencing service in the U.S.OpGen completed enrollment of over 1,800 patient samples for the prospective multicenter clinical trial in the U.S. for the Unyvero UTI Panel on the Unyvero A50 platform.OpGen subsidiary, Curetis, signed an R&D collaboration agreement with FIND for the Unyvero A30 RQ platform.OpGen signed an additional commercial contract for the Acuitas AMR Gene Panel and initiated the first two customer sites in the U.S. with installations, trainings and delivery of Acuitas kits.OpGen subsidiary, Curetis, signed a collaboration agreement with BioVersys AG from Switzerland to use the Unyvero platform in BioVersys’ upcoming Phase II clinical trial.OpGen received an update from Beijing Clear Biotech’s regulatory advisors about feedback from China’s NMPA regarding the Unyvero A50 pneumonia product and the need to resubmit our filing under a new electronic filing regime that NMPA has recently implemented.Nasdaq granted OpGen an extension until February 27, 2023 to meet Nasdaq’s minimum bid price requirement.This week, OpGen's board elected Yvonne Schlaeppi as a new, independent non-executive member of the Company’s board of directors. Ms. Schlaeppi brings legal, governance, life sciences and international experience to the board. Since 2011, Ms. Schlaeppi has served as a Managing Partner of Stratevise LLC, an international strategic advisory firm that she co-founded. Prior to founding Stratevise, Ms. Schlaeppi served as General Counsel at Global Enterprise Technologies, Passport & ID, a high-security document printing solutions provider and systems integrator, from 2007 to 2011, and as Executive Vice President, General Counsel and Corporate IP Officer at Organon BioSciences, a global pharmaceutical, animal health and biotech group based in the Netherlands, from 2006 until its sale in 2007. Prior to that, Ms. Schlaeppi was a partner at the Boston-based law firm of Palmer & Dodge LLP, where she served as Chairperson of that firm’s International Practice Group. Ms. Schlaeppi has been recognized by the National Association of Corporate Directors as Directorship Certified®, has served on the board of directors of several public companies and currently is a member of the board of AstroNova, Inc. In terms of guidance, the Company anticipates: The unblinding of data from the Unyvero UTI trial around year-end and subsequent FDA submission in 2023;To enter into new commercial contracts in the coming months across Unyvero and Acuitas products, which contracts could have the potential to drive revenue growth for 2023;Further developing ARES services and progressing strategic collaborations and partnerships with U.S. key accounts and leading organizations; andOverall, 2022 revenue in a range of approximately $2.5 to $3 million from products and services as well as collaboration business globally.OpGen will be holding a special meeting of stockholders on November 30, 2022 to vote on the proposal for a potential reverse stock split.The Company will continue to explore additional strategic and tactical equity and debt financing opportunities as well as potential strategic alternative options throughout the remainder of the year and into 2023 to possibly further strengthen its cash position. Conference Call Information OpGen’s management will host a conference call today, November 10, at 4:30 p.m. EST, to discuss the third quarter financial results and business activities, as well as answer analyst questions. Conference Call Details U.S. Dial-in Number:1-877-704-4453 International Dial-in Number:1-201-389-0920 Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1569725&tp_key=91a31a2b1f Conference ID:13732787 Following the conclusion of the conference call, a replay will be available through November 24th, 2022. The live, listen-only webcast of the conference call may also be accessed by visiting the Investors section of the Company’s website at www.opgen.com. A replay of the webcast will be available following the conclusion of the call and will be archived on the Company’s website for 90 days. Replay access information is below: Replay Details U.S. Dial-in Number:1-844-512-2921 International Dial-in Number:1-412-317-6671 Replay PIN:13732787 About OpGen, Inc. OpGen, Inc. (Rockville, MD, U.S.A.) is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease. Along with our subsidiaries, Curetis GmbH and Ares Genetics GmbH, we are developing and commercializing molecular microbiology solutions helping to guide clinicians with more rapid and actionable information about life threatening infections to improve patient outcomes, and decrease the spread of infections caused by multidrug-resistant microorganisms, or MDROs. OpGen’s current product portfolio includes Unyvero, Acuitas AMR Gene Panel, and the ARES Technology Platform including ARESdb, NGS technology and AI-powered bioinformatics solutions for AMR surveillance, outbreak analysis, and antibiotic response prediction including ARESiss, ARESid, and AREScloud, as well as the Curetis CE-IVD-marked PCR-based SARS-CoV-2 test kit. For more information, please visit www.opgen.com. Forward-Looking Statements This press release includes statements regarding OpGen’s third quarter 2022 financial results and the current business of OpGen. These statements and other statements regarding OpGen’s future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. Factors that could cause our results to differ materially from those described include, but are not limited to, the success of our commercialization efforts, our ability to successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for and commercialize our product and services offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the fact that we may not effectively use proceeds from recent financings, the continued realization of expected benefits of our business combination transaction with Curetis GmbH, the continued impact of COVID-19 on the Company’s operations, financial results, and commercialization efforts as well as on capital markets and general economic conditions, our ability to satisfy debt obligations under our loan with the European Investment Bank, the effect of the military action in Russia and Ukraine on our distributors, collaborators and service providers, our liquidity and working capital requirements, the effect on our business of existing and new regulatory requirements, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with OpGen's business, please review our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. OpGen, Inc.Consolidated Balance Sheets(unaudited) September 30, 2022 December 31, 2021Assets Current assets Cash and cash equivalents$10,275,654 $36,080,392 Accounts receivable, net 665,313 1,172,396 Inventory 771,864 1,239,456 Prepaid expenses and other current assets 1,678,729 1,250,331 Total current assets 13,391,560 39,742,575 Property and equipment, net 3,054,990 4,011,748 Finance lease right-of-use assets, net 4,347 90,467 Operating lease right-of-use assets 1,472,934 1,814,396 Goodwill — 7,453,007 Intangible assets, net 12,001,036 14,530,209 Strategic inventory, net 2,614,805 3,472,337 Other noncurrent assets 419,495 551,794 Total assets$ 32,959,167 $ 71,666,533 Liabilities and Stockholders’ Equity Current liabilities Accounts payable$682,592 $1,307,081 Accrued compensation and benefits 1,391,145 1,621,788 Accrued liabilities 1,046,865 1,965,845 Deferred revenue 194,960 — Short-term notes payable 8,342,715 14,519,113 Short-term finance lease liabilities 6,748 43,150 Short-term operating lease liabilities 346,629 459,792 Total current liabilities 12,011,654 19,916,769 Note payable 4,108,421 7,176,251 Derivative liabilities 146,207 228,589 Long-term finance lease liabilities 1,121 3,644 Long-term operating lease liabilities 2,631,957 2,977,402 Other long term liabilities 121,496 146,798 Total liabilities 19,020,856 30,449,453 Stockholders' equity Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and outstanding at September 30, 2022 and December 31, 2021, respectively — — Common stock, $0.01 par value; 100,000,000 shares authorized; 48,338,500 and 46,450,250 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 483,386 464,503 Additional paid-in capital 277,406,700 275,708,490 Accumulated deficit (262,289,652) (235,541,539)Accumulated other comprehensive (loss)/income (1,662,123) 585,626 Total stockholders’ equity 13,938,311 41,217,080 Total liabilities and stockholders’ equity$ 32,959,167 $ 71,666,533 OpGen, Inc.Consolidated Statements of Operations and Comprehensive Loss(unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenue Product sales$359,112 $643,887 $1,614,435 $1,479,270 Laboratory services 31,016 192,753 94,515 643,602 Collaboration revenue 58,585 402,492 176,713 757,591 Total revenue 448,713 1,239,132 1,885,663 2,880,463 Operating expenses Cost of products sold 1,886,191 648,298 2,824,577 1,544,932 Cost of services 17,239 203,314 63,450 446,232 Research and development, net 2,031,113 2,382,303 6,621,310 8,055,384 General and administrative 2,020,452 2,088,226 6,779,773 7,444,138 Sales and marketing 1,031,496 1,003,577 3,252,277 2,705,378 Impairment of right-of-use asset — — — 170,714 Goodwill impairment charge 6,975,520 — 6,975,520 — Total operating expenses 13,962,011 6,325,718 26,516,907 20,366,778 Operating loss (13,513,298) (5,086,586) (24,631,244) (17,486,315)Other expense Gain on extinguishment of debt — — — 259,353 Warrant inducement expense — — — (7,755,541)Interest and other income, net 11,174 31,844 28,147 41,471 Interest expense (569,306) (1,222,867) (2,618,799) (3,586,018)Foreign currency transaction gains (51,547) 229,074 419,160 655,774 Change in fair value of derivative financial instruments 18,995 (8,161) 54,623 (122,572)Total other expense (590,684) (970,110) (2,116,869) (10,507,533)Loss before income taxes (14,103,982) (6,056,696) (26,748,113) (27,993,848)Provision for income taxes — — — — Net loss$ (14,103,982) $ (6,056,696) $ (26,748,113) $ (27,993,848)Net loss available to common stockholders$ (14,103,982) $ (6,056,696) $ (26,748,113) $ (27,993,848)Basic and diluted net loss per share attributable to common stockholders$ (0.30) $ (0.16) $ (0.57) $ (0.79)Weighted average shares outstanding - basic and diluted 47,656,972 38,270,250 46,915,880 35,373,397 Net loss$(14,103,982) $(6,056,696) $(26,748,113) $(27,993,848)Other comprehensive loss - foreign currency translation (536,758) (597,527) (2,247,749) (1,146,355)Comprehensive loss$ (14,640,740) $ (6,654,223) $ (28,995,862) $ (29,140,203) OpGen:Oliver SchachtPresident and CEOInvestorRelations@opgen.com OpGen Press Contact:Matthew Bretzius FischTank Marketing and PR matt@fischtankpr.com OpGen Investor Contact:Alyssa FactorEdison Groupafactor@edisongroup.com