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WaferGen's Q2 Revenues Drop Sharply

NEW YORK (GenomeWeb News) – WaferGen reported after the close of the market Monday that revenues for the second quarter slid nearly 10-fold year over year due to an "absence of sales" of its flagship real-time PCR platform.

For the three months ended June 30, the Fremont, Calif.-based firm posted revenues of $44,905, down from $431,894 a year ago, a drop that it attributed to the absence of sales of its SmartChip Real-time PCR Systems, as well as a decrease in sales of its Real-time PCR Chip panels and fee-for-service.

WaferGen posted a net loss of $9.2 million, or $.45 per share, for the second quarter, compared to a profit of $724,496, or $.02 per share, a year ago.

The firm's R&D costs rose 33 percent year over year to $2 million from $1.5 million due to expenses associated with the development of SmartChip products and services. Its SG&A costs shot up 81 percent to $2.9 million from $1.6 million, the result of additional staffing, activities related to the commercialization and sales of SmartChip products, consulting expenses, and fundraising activities.

During the quarter, the company took a non-cash charge of $13.2 million related to a $30.6 million private placement that it completed in June. It also saw a net loss from warrant derivative revaluations of $191,000 during the quarter, compared to a gain of $3.6 million a year ago, WaferGen said.

Alnoor Shivji, chairman and CEO of the company, said in a statement that the primary focus during the quarter was to secure funding for further commercialization of the SmartChip Real-Time PCR System, launched a year ago. Having achieved that with the $30.6 million private placement, "We will put this money to work … to expand the commercial team and generate additional applications and content for the SmartChip System," he said.

"With additional applications (genotyping) and enhancements to SmartChip panels … we can continue to enrich the transformative SmartChip System to address unmet needs in biomarker profiling validation, next-generation sequencing validation, disease research, drug development, personalized medicine and applied markets," Shivji added.

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