OpGen Inc (NASDAQ:OTC:OPGN), a medical laboratories services provider with a market capitalization of $14.1 million, announced on Monday the appointment of Mohd Azham Azudin as Chief Operating Officer and Gillian Tan Rou Yee as Company Secretary.
The decision was made by the Board of Directors as part of the company's ongoing efforts to strengthen its operational and governance frameworks amid challenging market conditions, with revenue declining by approximately 59% in the last twelve months. According to InvestingPro analysis, the company maintains a FAIR financial health score of 1.82, with 11 additional key insights available to subscribers.
Mr. Azudin, 52, brings over 25 years of experience in investment, private equity, and corporate advisory. He has been serving as Vice President of Group Investments and Corporate Advisory at AEI Capital Ltd since March 2023 and will continue in this role concurrently with his new responsibilities at OpGen. His previous roles include Lead Executioner for the Security Token Offering Division at ATA Global Inc. US and Vice President in Private Equity Investments at Malaysian Development Bank’s Private Equity Management Company.
Under the terms of the consulting agreement, Mr. Azudin will receive an annual base salary of $50,000, which may be paid in equity securities of the company.
Ms. Tan, 27, is a legal professional with an LLB degree from the University of the West of England and a Master’s in Law from the City Law School, University of London. She was called to the Bar of England and Wales at Lincoln’s Inn in 2020 and to the Malaysian Bar in 2022. Prior to joining OpGen, Ms. Tan worked as a Legal Associate specializing in corporate-commercial law.
The consulting agreement with Ms. Tan stipulates an annual base salary of $25,000, with the option for payment in company equity securities.
These appointments come as OpGen aims to enhance its strategic management and legal expertise. The company, headquartered in Rockville, Maryland, has not disclosed any additional changes to its executive team or board at this time.
Trading at $1.40 per share, OpGen's stock has experienced significant pressure, with a year-to-date decline of 66%. Get deeper insights into OpGen's financial health and future prospects with InvestingPro, offering exclusive analysis and real-time metrics.
This report is based on a press release statement and the information contained in the Form 8-K filed with the Securities and Exchange Commission.
In other recent news, OpGen Inc. has secured an additional $6 million in funding and extended its securities purchase agreement with AEI Capital Ltd. until the end of 2025.
The amendment allows OpGen to issue two more tranches of common stock, potentially raising the total financing under the agreement to $9 million. OpGen has also restated its Q1 2024 financials due to an accounting error, a decision made in consultation with its board of directors and independent registered public accounting firm.
Significant changes have occurred in OpGen's leadership and ownership structure. Former CEO and Chairman, David Lazar, sold his shares to AEI Capital Ltd., resulting in his departure from executive roles. This transaction increased AEI Capital Ltd.'s stake in OpGen to approximately 49%, with a potential rise to about 80% upon acquisition of the remaining Series E Stock shares.
John Tan, an AEI Capital Ltd. designee, has been appointed as the new CEO, Chairman, and Director of OpGen. The company also announced the appointment of five new directors to its board.
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