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WaferGen to Net $6.5M from Direct Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – WaferGen Biosystems today said that it has received commitments from certain investors to purchase around $7 million worth of the firm's stock in a registered direct offering.

The Fremont, Calif.-based firm said that among those investors is its Chairman and CEO, Alnoor Shivji, who has agreed to purchase $1 million worth of securities in the offering.

WaferGen said that it will issue approximately 5.8 million units at a price of $1.20 per unit, each of which consists of one share of common stock and a warrant to purchase 50 percent of one share of common stock exercisable at $1.55 per share. Subject to certain ownership limitations, the warrants will be exercisable at any time on or after the closing date and will expire five years from the closing date.

WaferGen said that it expects net proceeds from the offering to be roughly $6.5 million. It intends to use the funds for general working capital purposes, including commercialization of its SmartChip Real-Time PCR System, scale up of manufacturing capabilities to produce SmartChip instruments and chips, and other general operating expenses. The offering is expected to close on or around July 7.

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