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WaferGen Prices $15M Public Offering of Units

NEW YORK (GenomeWeb) – Wafergen Biosystems today priced a public offering of its securities that is expected to bring in $15 million in gross proceeds.

As part of the offering, Wafergen intends to issue 3.9 million shares of common stock, shares of preferred stock convertible into 11.1 million shares of common stock, and warrants to purchase 15 million shares of common stock.

The offering was priced at $1 per share of common stock, or common stock equivalent. Each share is coupled with a five-year warrant to purchase one additional share of common stock at $1.44 per share. The securities are immediately separable and will be issued separately.

Last month, Wafergen announced it expected to raise up to $20.8 million in the offering.

The firm said that it expects the offering to close Oct. 21, and net proceeds from the offering are expected to be $13.6 million. Wafergen intends to use the proceeds for R & D, commercialization of its single-cell products, sales and marketing, and for general corporate purposes and working capital.

The firm has also granted the underwriters a 45-day option to purchase up to an additional 2.3 million shares of common stock and/or additional warrants to purchase up to 2.3 million shares of its common stock.

Ladenburg Thalmann & Co., a subsidiary of Ladenburg Financial Services, is acting as sole book-running manager. Chardan Capital Markets and Dougherty are the co-managers.

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