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WaferGen Announces Signing of Two Private Placements
Date:5/19/2008

FREMONT, Calif., May 19 /PRNewswire-FirstCall/ -- WaferGen Biosystems, Inc. (OTC Bulletin Board: WGBS), a leading developer of state-of-the-art gene expression, genotyping, cell biology and stem cell research systems, today announced the signing of two separate private placements. The details of the financings, which have not yet closed, are as follow:

-- WaferGen has agreed to sell shares of the company's common stock and

warrants to certain funds for which Brencourt Advisors is the

investment manager and to certain other existing investors in a private

placement for total proceeds of approximately $3.6 million. Under the

terms of the agreement, WaferGen will sell 1,585,550 shares of common

stock at a price of $2.25 per share, with 40% warrant coverage at an

exercise price of $3.00 per share. The warrants have a five-year term

and standard broad-based weighted-average anti-dilution protection.

The financing is expected to close in the next couple of days.

Proceeds from this financing will be used for general corporate

purposes including the continued advancement of the company's

SmartChip(TM) Real-Time PCR System, as well as the expansion of the

company's global commercialization campaign for its SmartSlide(TM)

Micro-Incubation System.

-- WaferGen has agreed to sell redeemable convertible preferred shares in

the company's wholly owned Malaysian subsidiary, WaferGen Biosystems

(M) Sdn. Bhd., in a private placement to Malaysian Technology

Development Corporation Sdn. Bhd. (MTDC), a leading venture capital and

development firm in Malaysia. Under the terms of the agreement,

WaferGen has agreed to sell 444,444 redeemable convertible preferred

shares in the subsidiary for gross proceeds of $1.0 million. WaferGen

will sell an additional 444,444 redeemable convertible
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SOURCE WaferGen Biosystems, Inc.
Copyright©2008 PR Newswire.
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