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OpGen, Inc. Completes $17 Million Series B Financing
9/27/2010 6:25:54 AM
GAITHERSBURG, Md.--(BUSINESS WIRE)--OpGen, Inc., a commercial phase genomics company, today announced the successful completion of a $17 million Series B equity financing. The new round of financing was led by jVen Capital with participation from the company’s other major investors, including CHL Medical Partners, Highland Capital Partners, Mason Wells Biomedical and Versant Ventures. In conjunction with this financing, Evan Jones, managing member of jVen Capital, will lead OpGen’s board of directors as executive chairman. Mr. Jones was previously an OpGen board member and has also served as interim chief executive officer of the company.
“We appreciate the confidence and strong support of our existing investors,” said Douglas White, CEO of OpGen. “This financing will support the marketing efforts for our Argus™ Optical Mapping System as we continue to drive market awareness and grow revenues. In addition, the new growth capital will fuel our efforts to expand into new markets, including the development of new applications that will complement sequencing technologies and help facilitate rapid completion of large genome mapping and finishing technologies currently under development at the company. This is a very exciting time for OpGen and these resources position us for continued success as we build our business and focus on growing our product revenues.”
“I’m very pleased to continue my close involvement with OpGen as both an investor and board contributor,” said Mr. Jones. “I had the good fortune to work with Doug White at Digene, another successful molecular diagnostic testing company, and I see similar strong market potential for OpGen’s novel technologies. I have every confidence that this team has the right vision and expertise to realize the full potential of the Argus system in the marketplace.”
The Argus Optical Mapping System, which was commercially launched in June 2010, is a powerful platform for automated, microbial whole genome analysis. The system utilizes Optical Mapping Technology to generate ordered, whole genome genetic maps from single DNA molecules. Unlike current methods, Optical Mapping is not a gel, PCR or sequencing-based approach. Rather, it is a unique technology for generating whole genome, high resolution genetic maps that can be used in strain typing, comparative genomics and whole genome sequence assembly. Scientists are able to use Argus Optical Maps to view and compare bacterial genomes to each other as well as to in silico sequences. For the first time, researchers can elucidate genotype to phenotype relationships that would not be detected by other technologies.
Bijan Salehizadeh, M.D., General Partner at Highland Capital, said, “We are very enthusiastic about OpGen and are pleased to continue to support the company’s goals, including its plans to enter large genome analysis as a natural extension of its current product portfolio. Most immediately, we anticipate continued commercial penetration of the Argus Optical Mapping System within the life sciences and other applicable markets, and believe in OpGen’s ability to maximize this breakthrough technology, which is capable of mapping a microorganism’s entire genome in less than a day.”
About OpGen, Inc.
OpGen, Inc. is a leading innovator in the field of microbial genetics. The company has developed a platform for its proprietary Optical Mapping Technology. Optical Mapping is the first technology that bridges strain typing and sequencing to correlate phenotype to genotype for generating advances in fields such as biodefense, outbreak management, agriculture and clinical microbiology. The Argus™ Optical Mapping System and MapIt™ Optical Mapping Services deliver ordered, whole genome genetic maps from single DNA molecules. The platform provides automated, high resolution, whole genome analysis for strain typing, comparative genomics and sequence assembly of microbial genomes to the life sciences market. This de novo technology is free from the limitations of gel, PCR and sequencing-based methodologies and has broad molecular diagnostic applications that are currently in development. OpGen’s customers include biodefense organizations, leading genomic research centers, academic institutions, clinical research organizations and biotechnology companies. For more information, visit www.opgen.com.