NEW YORK (GenomeWeb News) – WaferGen Biosystems has entered into a $2 million loan agreement with Oxford Finance Corp., the Fremont, Calif.-based firm disclosed in a filing with the US Securities and Exchange Commission today.
The agreement was effective Dec. 7, pursuant to a secured promissory note. The note will accrue at a fixed rate of roughly 13 percent.
In connection with the loan, WaferGen issued to Oxford a warrant to purchase 95,368 of the firm's common stock. The warrant is exercisable immediately at a price of $1.468 per share and expires in five years.
WaferGen's stock closed at $1.27 in Monday trade on the OTC Bulletin Board.
The firm said that it intends to use the loan for general corporate purposes.
Last month, WaferGen reported third-quarter revenues of $633,000, as a result of the summer launch of its SmartChip Real-Time PCR System. The firm finished its quarter ended Sept. 30, with $4.4 million in cash and cash equivalents.