OpGen, Inc. (NASDAQ:OPGN) Q3 2018 Earnings Conference Call Transcript
Nov 13, 2018 • 04:30 pm ET
Hello, and welcome to the OpGen Inc Third Quarter 2018 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded Tuesday, November 13, 2018.
I would now like to turn the call over to our host, Ms. Kim Golodetz. Ma'am, you may begin your conference.
Thank you, operator. This is Kim Golodetz with LHA. Thank you all for participating in today's call.
(Forward-Looking Cautionary Statements)
I would now like to turn the call over to Evan Jones, OpGen's Chairman and CEO. Evan?
Thank you, Kim, and thank you everyone for joining us today. This afternoon, we will review our 2018 third quarter financial results, provide an update on our business plans and discuss progress towards achieving key objectives for the remaining months of 2018. I will also provide color on what we expect in the early months of 2019.
The third quarter of 2018 was a period of solid progress towards achieving our objectives of building a world-class precision medicine business to help combat the rising challenge of anti-microbial resistance and to help guide precision antibiotic therapy. We announced our participation in a ground-breaking initiative between the New York State Department of Health, ILUM Health Solutions, a wholly-owned subsidiary of Merck and Company and OpGen to develop a state-of-the-art research program and platform to detect, treat, and prevent the spread of infectious disease. We progressed our clinical trials for clearance of the AMR Gene Panel and the Acuitas Lighthouse software. We completed the sample accrual and preliminary data analysis for the Acuitas product's clinical verification study and we continue to lay the foundation for the expanded commercial launch of our Acuitas products in 2019.
The outlook for the new Acuitas family of products continues to be encouraging. Participation in New York State infectious disease digital health initiative represents just one meaningful commercial opportunity for our Research Use Only product. Governor Cuomo of New York State has committed $1.3 billion to upgrades at the Wadsworth Center public health laboratory and to building a life science cluster in the state. As part of this initiative, $22 million has been committed to the infectious disease digital health initiative.
In the first year of demonstration project, our Acuitas AMR Gene Panel test and Acuitas Lighthouse software will be installed in two of the state's largest health systems to rapidly identify carbapenem-resistant bacteria and to help improve patient outcomes. Following a successful demonstration project, it is anticipated that our technology will be rolled out across the state's 230 hospitals. All hospitals will be candidates for Acuitas Lighthouse software and the larger ones will be candidates to receive AMR Gene Panel systems. We are proud to be part of this ground-breaking initiative throughout the state of New York and to collaborate with Wadsworth and ILUM to help develop the blueprint for how governments and health care facilities can detect, track, and manage anti-microbial infections.
We are progressing our FDA clinical trials with testing underway at external sites. There will be three submissions to