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WaferGen Q2 Revenues up Sharply

NEW YORK (GenomeWeb News) – WaferGen BioSystems said this week that its revenues for the second quarter rose 12-fold year over year.

The Fremont, Calif.-based company reported total revenues of $246,248 for the three months ended June 30, up from $20,158 a year ago. The uptick resulted from $125,000 in license and royalty revenues in the recently completed quarter, compared to none a year ago. Product revenues increased to $121,248 from $20,158 in the second quarter of 2012.

Net loss rose, however, to $3.2 million, or $.14 per share, from a net loss of $1.3 million, or $.04 per share, a year ago.

Interest expenses in the quarter increased to $1.1 million from $452,512 a year ago, while the gain on revaluation of derivative liabilities decreased to $115,237 from $1.5 million a year ago, the company said.

R&D expenses narrowed 19 percent year over year to $1.3 million from $1.6 million, while SG&A costs increased 33 percent to $1.2 million from $866,115.

WaferGen finished the quarter with $3.0 million in cash and cash equivalents.

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