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WaferGen Announces Third Quarter 2008 Financial Results
Date:11/10/2008

s through the signing of multiple new distributor agreements in key foreign markets. We are very encouraged by the growing interest in both of our product lines and look forward to reporting continued progress in the coming months."

Third Quarter and Nine Month 2008 Financial Results

At September 30, 2008, WaferGen had cash, cash equivalents and marketable securities of $3,209,394, compared to $5,189,858 at December 31, 2007. Additionally, WaferGen has met all requirements to qualify for the $1 million second tranche of the private placement to Malaysian Technology Development Corporation Sdn. Bhd. (MTDC) that it signed earlier this year. The company expects to receive that $1 million in funding in the near-term.

WaferGen's net revenues were $197,951 for the quarter ended September 30, 2008, compared to $6,700 for the quarter ended September 30, 2007. For the nine months ended September 30, 2008, net revenues were $556,442, compared to $67,460 for the nine months ended September 30, 2007. For the quarter and nine-month periods, the increase resulted primarily from the utilization of distributors and an expanded sales team to sell products in 2008 as compared to 2007.

Research and development expenses totaled $1,205,511 for the quarter ended September 30, 2008, compared to $728,288 for the quarter ended September 30, 2007. Research and development expenses totaled $3,503,573 for the nine months ended September 30, 2008, compared to $1,489,994 for the same period in 2007. For the quarter and nine-month periods, the increase resulted primarily from an increase in head count resulting in greater salaries and wages, an increase in research and development supplies used for product development and testing, our move to a new facility which allowed us to increase the amount of lab equipment on hand, and an increase in stock-based compensation associated with the issuance of stock options.

Sales and marketing expenses totaled $328,289 for t
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SOURCE WaferGen Biosystems, Inc.
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