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WaferGen's Q1 Revenues, Loss Rise; Inks Private Placements

NEW YORK (GenomeWeb News) – WaferGen today reported that its first-quarter revenues tripled and its net loss nearly doubled for the three-month period ended March 31.
 
The Fremont, Calif.-based firm also announced that it has signed two private placements that could bring in close to $6 million in funding.
 
WaferGen, which makes the SmartChip Real-Time PCR System, brought in Q1 revenues of $181,640, compared to 2007 first-quarter revenues of $60,460.
 
The company’s net loss was $1.9 million, or $.08 per share, versus a loss of $1 million, or $.28 per share, in the comparable period a year ago.
 
Its R&D expenses more than doubled to $952,441 from $399,758 year over year, while its SG&A costs nearly doubled to $1.1 million from $576,843.
 
WaferGen finished the quarter with $3.2 million in cash and cash equivalents.
 
In a separate announcement, WaferGen said that it had signed two agreements to privately place shares of its common and convertible stock with investors. In the first pact, WaferGen has agreed to sell a combination of common stock and warrants to Brencourt Advisors and “Certain other existing investors” for total proceeds of around $3.6 million.
 
The pact calls for WaferGen to sell 1,585,550 shares of its common stock, priced at $2.25 per share, with 40 percent warrant coverage at an exercise price of $3 per share. The warrants have a five-year term, said WaferGen.
 
Under the second private placement, WaferGen said it will sell redeemable convertible preferred shares in its wholly owned Malaysian subsidiary, WaferGen Biosystems, to venture capital firm Malaysian Technology Development Corporation. It will sell 444,444 redeemable convertible preferred shares for gross proceeds of $1 million. WaferGen also will sell an additional 444,444 redeemable convertible preferred shares for an additional $1 million.
 
WaferGen noted that the Malaysian financing is subject to certain closing conditions and there is no assurance the financing “will occur in a timely manner, if at all.”
 
The firm said it would use the proceeds to fund development and commercialization efforts for its SmartChip system as well as expansion of the global marketing and sales of its SmartSlide Micro-Incubation System.
 

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