OpGen Announces $23.6 Million Series A Financing

09/12/07
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Corey Mulloy and Dr. Bijan Salehizadeh to join the board of innovative clinical microbiology company.

Corey Mulloy and Dr. Bijan Salehizadeh to join the board of innovative clinical microbiology company.

 

Madison, Wisconsin – September 12, 2007 – OpGen, Inc., today announced that the company has raised $23.6 million in equity financing. The round was led by CHL Medical Partners, Highland Capital Partners and Versant Ventures, with previous investor Mason Wells also participating. In conjunction, CHL’s Ron Lennox will become chairman of the Board of Directors and will also be joined on the board by Corey Mulloy and Bijan Salehizadeh from Highland, and Versant’s Brian Atwood.


“We are delighted to partner with three top-tier venture firms to advance OpGen’s efforts in the field of clinical microbiology, said Colin Dykes, Chief Scientific Officer of OpGen. “Each has a stellar track record and expertise in commercializing technologies for diagnostic and research applications, which will be critical as we continue to grow and expand our operations.”


OpGen delivers breakthrough capabilities to identify microorganisms using a unique method to analyze DNA extracted directly from the microbial cells. “Optical Mapping” has been used by organizations worldwide for comparative genomic analysis of a range of organisms of importance to human health, including tracing the origins of food-poisoning cases such as the recent outbreak linked to contaminated spinach. With this new financing the company will develop commercial instrumentation systems for the clinical microbiology marketplace.


"Currently, clinical microbiology laboratories depend on isolating and growing microorganisms from clinical samples,” stated Ron Lennox. “This is a lengthy process and provides only a simple taxonomic identification. The results are rarely timely enough to influence choice of therapy and can lead to excessive use of expensive broad-spectrum antibiotics. OpGen's new system will provide data capable of identifying bacteria down to the strain level, within a single shift."


“There is a huge unmet need for systems to rapidly and accurately diagnose clinical infections and to control nosocomial infections,” added Corey Mulloy of Highland. “We believe that OpGen’s technology is uniquely placed to meet this need and to transform clinical microbiology.”


OpGen is actively expanding both its product development and senior management team. A retained search for a new Chief Executive Officer is currently under way.

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