FREMONT, Calif., Sept. 10 /PRNewswire-FirstCall/ -- WaferGen Biosystems, Inc. (OTC Bulletin Board: WGBS), a leading developer of state-of-the-art gene expression and genotyping systems, announced that the company has closed a series of private placement offerings from June 16, 2009 through August 31, 2009. WaferGen issued shares of the company's common stock and warrants to certain accredited investors in private placement offerings for total gross proceeds of approximately $6.2 million. WaferGen issued 5,009,000 shares of common stock at a price of $1.25 per share, with 30 percent warrant coverage (warrants to purchase 1,502,700 shares of common stock) at an exercise price of $2.00 per whole share. The warrants have a five-year term and standard broad-based weighted-average anti-dilution protection. The Company retained Spencer Trask Ventures, Inc. as Selling Agent in connection with the private placement offerings.
Proceeds from the financing are being used for general corporate purposes including the continued advancement and commercialization of the company's SmartChip(TM) Real-Time PCR System.
"WaferGen is committed to building value for both our investors and partners through the advancement and commercialization of our SmartChip Real-Time PCR System," said Alnoor Shivji, WaferGen's chairman and chief executive officer. "We have made great progress in the past year and have gained clear support from leading industry and academic researchers. The proceeds from these financings will help strengthen our collaborations, accelerate ongoing product development, and speed our commercialization of the SmartChip Real-Time PCR System."
WaferGen Biosystems, Inc. is a leader in the development, manufacture and sale of state-of-the-art systems for gene expression and genotyping for the life science and pharmaceutical industries. The company is actively developing its SmartChip(TM) product for the gene expression and genotyping markets. SmartChip(TM) is being developed as the first whole genome, high throughput gene expression real-time polymerase chain reaction (PCR) platform and promises to deliver significant speed and cost advantages to researchers in the gene expression and genotyping markets.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include statements that are not historical facts, including statements which may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. For such statements, the company claims the protection of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the control of the company. Actual results may differ materially from the expectations contained in the forward-looking statements. Factors that may cause such differences include: (i) the risks that the company may be unsuccessful in commercially developing its products or in achieving market acceptance of new and relatively unproven technologies; (ii) the company will need to raise additional capital to meet its business requirements in the future and the company may not be able to do so on reasonable terms or at all; (iii) the company's proprietary intellectual property rights may not adequately protect its products and technologies; and (iv) the company expects intense competition in its target markets, including from companies that have much greater resources than the company, and there can be no assurance that the company will be able to compete effectively. More detailed information about the company and the risk factors that may affect the realization of forward-looking statements is set forth in the company's filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and subsequent Quarterly Reports on Form 10-Q. Investors and security holders are urged to read this document free of charge on the SEC's web site at www.sec.gov. The company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Contact: WaferGen Mona Chadha 510-651-4450 Mona.email@example.com
|SOURCE WaferGen Biosystems, Inc.|
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