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Wafergen Files For $34.5M Public Offering

NEW YORK (GenomeWeb) – WaferGen Biosystems is preparing to sell an undisclosed amount of Class A and Class B units to raise up to $34.5 million in a public offering, according to a document filed with the US Securities and Exchange Commission.

In a Form S-1 filed Aug. 14, the firm said it will offer an undisclosed number of Class A units, consisting of shares of the firm's common stock and warrants to purchase shares of common stock. Each warrant will allow the holder to purchase one share of WaferGen's stock at an exercise price still to be determined.

For those investors — together with its affiliates and certain related parties — whose purchase of additional Class A units would result in ownership of more than 9.98 percent of outstanding common stock, WaferGen is offering Class B units consisting of one share of Series 2 convertible preferred stock, which would be convertible into an undisclosed number of shares of common stock and warrants to purchase shares of common stock.

WaferGen said in the document that it planned to use the proceeds for general corporate and working capital purposes, including commercialization activities intended to increase revenues from sales of its single cell and other products.

Early this year, the company filed a shelf registration to offer from time to time up to $30 million of its securities. WaferGen raised $20 million in a public offering of its stock and warrants last August.

The firm recently said that its second quarter revenues retreated 6 percent year over year. It ended the quarter with $7.4 million in cash and cash equivalents.