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 industr
|SOURCE WaferGen Biosystems, Inc.|
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