NEW YORK (GenomeWeb News) – WaferGen Biosystems has entered into an agreement to allow an investor the right to appoint an additional member to WaferGen's board, the company disclosed in a document filed with the US Securities and Exchange Commission on Friday.
The agreement is with funds managed by Great Point Partners, funds managed by Deerfield Management, and a fund management by Merlin Nexus and allows Great Point to appoint an additional member to WaferGen's board. Great Point could already appoint one board member under an agreement reached in May 2011. In total, Great Point now can appoint two board members.
Under the May 2011 agreement, Great Point, along with Deerfield and Merlin Nexus, purchased convertible preferred stock, convertible promissory notes and warrants from WaferGen in a private placement.
As a result of the new agreement, Scott Davidson and Joe Pesce are joining WaferGen's board effective Jan. 12, 2012. Both are managing directors of Great Point.
WaferGen has also formed a finance committee and adopted a charter of the finance committee, it said in its SEC filing. The committee will be made up of four members. The other members are existing board members Joel Kanter and Bob Coradini.