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WaferGen's Q4 Revenues Fall Sharply, but Annual Revenues Soar

NEW YORK (GenomeWeb News) – WaferGen Bio-systems reported in its 10-K filing with the US Securities and Exchange Commission this week that its fourth-quarter 2008 revenues fell 60 percent, following three successive quarters of significant increases in revenue.

The Fremont, Calif.-based firm brought in revenues of $65,424 for the three-month period ended Dec. 31, 2008, compared to $161,513 for the comparable period the year before. It did not provide a reason in the filing for the sharp year-over-year decline.

WaferGen's net loss for the quarter was $1.9 million, or $.08 per share, compared to a net loss of $2.3 million, or $.10 per share, for the fourth quarter of 2007. The firm's R&D expenses climbed to $1.1 million from $939,279, while its SG&A spending declined to around $800,000 from $1.5 million.

For full-year 2008, WaferGen's revenues rose nearly 300 percent to $621,866 from $228,973. The firm's net loss increased 33 percent to $8 million, or $.33 per share, from $6 million, or $.40 per share.

WaferGen's R&D costs for the year nearly doubled to $4.6 million from $2.4 million, while its SG&A spending rose to $3.8 million from $3.6 million.

As of the end of the year, WaferGen had cash holdings of $2.6 million. It said in the SEC filing that it has sufficient funds to support operations through May 2009. "We will need to raise additional funds through public or private debt or equity financings to meet various business objectives," it said.

"In 2008, we completed alpha testing of our 5,000 assay SmartChip system and now have two beta sites, including our original alpha site partner University of Pittsburgh Medical Center, and are intent on closing on a third beta site in the near future," WaferGen Chairman and CEO Alnoor Shivji said in a separate statement.

The firm announced in October that researchers at the University of Pittsburgh are using its SmartChip Real-Time PCR System to apply gene expression profiling to lung samples from patients with chronic obstructive pulmonary disease and idiopathic pulmonary fibrosis. That research is funded by a grant of around $3 million from the National Heart, Lung, and Blood Institute.

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