Day: March 25, 2017

OpGen misses expectations with $4.8 million fourth-quarter loss

OpGenGAITHERSBURG, MD – OpGen Inc. reported a net income loss of $4.8 million in its fourth quarter following a 35 percent drop in revenue from product sales, according to a filing with the Securities and Exchange Commission.

OpGen’s fourth-quarter loss was in line with its performance in the same period a year ago but still greater than analysts expected. It lost 21 cents per share rather than the predicted loss of 20 cents per share.

Overall revenue for the quarter was $1.0 million, down 24.3 percent from $1.3 million in 2015. Revenue from product sales took the largest hit in the quarter, falling to $818,000 from $1.3 million.

“In 2016 our investments in genomics and informatics for infectious disease management issues caused by multi-drug resistant organisms began to pay off,” said OpGen’s Chief Executive Officer Evan Jones.

Jones said the company expects its Acuitas brand of rapid-diagnostic products to move past the development phase within the coming months, aiming to make the products available for external research use in the second half of 2017.

Research and development costs were the firm’s largest expense in the quarter. They totaled $2.3 million, up from $2.1 million a year ago.

OpGen went public in 2015 at $6 per share and raised $17 million. According to the Thursday filing, OpGen raised an additional $4.7 million in the fourth quarter. Its assets as of Dec. 31 totaled $9.0 million.

Shares of OpGen stock closed at $1.07 on Friday – down 8.5 percent since the filing’s release on Thursday.

Gaithersburg-based OpGen announced in November that it had entered into a research collaboration with a subsidiary of New Jersey-based pharmaceutical firm Merck & Co. Inc. to develop rapid diagnostics and information technology products that aim to combat the threat of antimicrobial resistance.

Analysts are expecting OpGen to start moving closer to profitability in the first quarter; current estimates predict a loss of 15 cents per share for the period. The company, however, did not provide 2017 guidance.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Severn Bancorp CEO Hyatt receives 8.8 percent increase in compensation

UnknownANNAPOLIS, MD – The president and chief executive officer of Severn Bancorp Inc. received an 8.8 percent increase in total compensation to $490,248 in 2016, according to the company proxy filed with the Securities and Exchange Commission.

Alan Hyatt’s compensation in 2015 totaled $450,631.

Hyatt’s base salary increased 2.4 percent, from $381,686 to $396,860 for the year. He received an additional bonus of $20,000.

Paul Susie, executive vice president and chief financial officer, earned a total compensation of $101,420 for 2016. In his first year with the company, Susie received a base salary of $79,093, with option awards, bonuses and other compensation amounting to $22,327.

Christopher Chick, executive vice president and chief lending officer, saw a substantial increase in compensation for the year. Chick received a base salary of $227,188, a 445 percent increase from the $51,030 he received in 2015.

Chick’s total compensation for 2016 was $290,052, a 473 percent increase from the $61,383 he received the previous year.

Executive compensation is determined by Severn Bancorp’s compensation committee, which reviews the executive compensation program in November of each year.

The committee has determined the 2017 base salaries for Hyatt, Susie and Chick are $396,860, $195,000 and $234,000, respectively.

Severn Bancorp will hold its annual stockholders meeting on April 27 at 9 a.m.

Severn Bancorp operates as the holding company for Severn Savings Bank, a full service bank conducting business in Maryland, Virginia and Delaware.

Severn Bancorp stock closed on March 24 at $7.15, down 5 cents, or 0.69 percent for the day.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Regenxbio raises $75 million in stock offering


ROCKVILLE, MDRegenxbio Inc. has raised $75 million in a public stock offering that began Tuesday, according to a filing with the Securities and Exchange Commission.

The company sold 3.7 million shares of common stock priced at $20.50 per share.

Regenxbio entered into an underwriting agreement with Morgan Stanley & Co. and Merrill Lynch, Pierce, Fenner & Smith Inc. The company granted the underwriters a 30-day option to purchase up to an additional 555,000 shares of common stock.

Pursuant to the initial offering, Regenxbio’s net proceeds are expected to be approximately $70.8 million, after deducting discounts, commissions and offering expenses.

Regenxbio, founded in 2008, is a clinical-stage biotechnology company that develops gene therapy products. The company intends to use a portion of the net proceeds to grow the pipeline of new product candidates through in-licenses or potential acquisitions.

The company trades on Nasdaq under the ticker RGNX. Shares closed Friday at $20.15, up 0.5 percent.

The offering is expected to close on March 27.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

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