NEW YORK (GenomeWeb News) – WaferGen Biosystems today reported that its third-quarter revenues rose sharply to $197,951 from $6,700 year over year.
The Fremont, Calif.-based firm posted a net loss of $2.1 million, or $.08 per share, for the three-month period ended Sept. 30, up 24 percent from a net loss of $1.7 million, or $.07 per share, for the third quarter of 2007.
WaferGen’s R&D spending increased around 66 percent to $1.2 million from $728,288, while its SG&A costs declined around 7 percent to $977,255 from $1 million.
Alnoor Shivji, chairman and CEO of WaferGen, said in a statement that the firm is “encouraged by the growing interest in both of our product lines.” WaferGen sells the SmartChip Real-Time PCR System for biomarker discovery and validation and the SmartSlide Micro-Incubation System for stem cell and cell biology research.
The firm finished the quarter with $3.2 million in cash and cash equivalents.
WaferGen said that it has met all the requirements to qualify for the $1 million second tranche of a private placement with the Malaysian Technology Development Corp. and expects to receive the funds “in the near term.”