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WaferGen Announces $30 Million Financing
Date:5/25/2011

FREMONT, Calif., May 25, 2011 /PRNewswire/ -- WaferGen Biosystems, Inc. (OTCBB:WGBS), a leading developer of state-of-the-art genomic analysis systems, today announced it has entered into definitive agreements with three leading institutional life science investors, Great Point Partners, LLC, Deerfield Management and Merlin Nexus, and certain members of the Board and management in a $30.4 million private placement financing of equity and debt.  The private placement is subject to standard and customary closing conditions and is expected to close by May 27, 2011.

The private placement consists of $15.2 million of non-voting convertible Preferred Stock and $15.2 million of non-voting convertible Notes due November 2014.  The Preferred Stock is convertible into common stock at $0.52 per share and has a coupon of 5% per annum. The Notes are convertible into non-voting convertible Preferred Stock which is convertible into common stock at $0.57 per share and carry an interest rate of 5% per annum.  In addition, investors will receive 5-year warrants to purchase approximately 56 million shares of common stock at an exercise price of $0.62.

Net proceeds from this financing will be used for expanding the commercialization capabilities of the company to market the SmartChip Real-Time PCR system and related products, and for working capital and general corporate purposes.

"This significant financing provided by strong life sciences investors will enable WaferGen to grow our business through the aggressive commercialization of our SmartChip System, a transformative platform technology to speed and enhance research for the development of genomics-based products," said Alnoor Shivji, chairman and CEO.  "Our strategy is to accelerate the building of a sales force and distribution channels worldwide.  At the same time, in response to market demand, we plan to expand the applicability of this research tool to increase the number of ge
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SOURCE WaferGen Biosystems, Inc.
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