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WaferGen Nets $6.7M from Direct Offering

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – WaferGen Biosystems said after the close of the market on Thursday that it has closed on its $7.2 million registered direct offering.

Net proceeds from the offering totaled about $6.7 million. The amount raised includes $1 million from Chairman and CEO Alnoor Shivji and about $500,000 in aggregate from four other board members.

Proceeds will be used for general working capital purposes and continued commercialization of its SmartChip Real-Time PCR System.

WaferGen issued about 6 million units at a price of $1.20 per unit. Each unit consists of one share of common stock and a warrant to purchase half of one share of common stock exercisable at $1.55 per share.

WaferGen first disclosed the offering last week.

In a statement, Shivji said that the funding comes at an "important" time in the commercialization of the SmartChip System as WaferGen is "poised for growth in personalized medicine."

"The funding will help us to execute an aggressive global sales and marketing plan to meet our year-end sales goal of 10 to 15 SmartChip Systems by concentrating on pharmaceutical and biotechnology companies involved with drug development and biomarker profiling," Shivji said. "These funds will also help us to scale up chip and instrument manufacturing to meet demand and to establish strategic relationships."

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