FREMONT, Calif., Nov. 14, 2013 /PRNewswire/ -- WaferGen Bio-systems, Inc. (OTCQB: WGBS) announced today its financial results for the third quarter ended September 30, 2013.
Total revenue for the third quarter of 2013 was $390,000, up 121% from $177,000 in the third quarter of 2012. Net loss for the third quarter of 2013 was $11.0 million, compared to a net loss of $3.0 million in the third quarter of 2012. The higher net loss was primarily due to one-time charges of $7.6 million consisting of $5.0 million on the extinguishment of debt and $2.6 million for the issuance of warrants in conjunction with the sale of securities described below.
As previously announced, in August and September, 2013, the Company sold $15.0 million of units for net proceeds of approximately $13.4 million resulting in a cash balance at September 30, 2013 of $14.5 million. For additional details regarding the private placement, please see the current report on Form 8-K filed by the Company on October 2, 2013.
Furthermore, as previously reported, immediately prior to the initial closing of the private placement, the Company completed a transaction to simplify its capital structure under which shares of Series A-1 preferred stock with a liquidation preference of $17.1 million, convertible notes with a principal amount of $17.1 million and warrants were exchanged for the same securities issued in the private placement. For additional details regarding the exchange transaction, please see the current report on Form 8-K filed by the Company on August 28, 2013.
The completion of the private placement and the restructuring transaction has dramatically simplified the Company's capital structure and significantly strengthened its balance sheet.
"We believe that the successful capital raise and the simplified capital structure are an important milestone in WaferGen's turnaround effort. More importantly, we are seeing a keen interest in ou
|SOURCE WaferGen Bio-systems, Inc.|
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