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WaferGen Gains $10.7M in Stock After Reverse-Merger With Shell Company WaferGen Bio-systems

NEW YORK (GenomeWeb News) — WaferGen has completed a reverse merger with WaferGen Bio-systems, a Nevada-based shell company, under which WaferGen backed into WaferGen Bio-systems for an undisclosed sum.  
 
In connection with the deal, the new entity, WaferGen Bio-systems, received a private stock placement worth $10.7 million. The new company’s stock is trading on the Over-the-Counter Bulletin Board under the ticker name WGBS, and was up around 15 percent at $2.30 in afternoon trading today.   
 
WaferGen Bio said it plans to use the proceeds from the placement to pay for corporate infrastructure and product offerings, including development of its SmartChip system.
 
The company said it hopes to sell the system to pharmaceutical companies, academic institutions, and agricultural, environmental, and governmental agencies.
 
WaferGen Bio said it has retained WaferGen executives, including Alnoor Shivji, who is chairman and CEO of WaferGen, to serve in a senior management position.
 
The company has also named David Gelfand to the post of chief scientific officer.

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