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WaferGen Reports Third Quarter 2011 Financial Results and Announces New Commercialization Strategy
Date:11/21/2011

ignature of interest.  This should enable greater accuracy for discovery of biomarkers and decreased time to results," said Professor Jo Vandesompele, a professor in functional cancer genomics and applied bio-informatics at Belgium's Ghent University and recognized leader in the field of qPCR.

WaferGen's new strategy and organization changes will result in a reduction of approximately 24% of the Company's total workforce, which represents a $1.3 million annual reduction in operating expenses. The Company will take a one-time charge related to the reduction in force of approximately $400,000 in the fourth quarter of 2011.

RevenueRevenue for the third quarter ended September 30, 2011 was $89,000 compared to $633,000 for the third quarter ended September 30, 2010.  Revenue for the nine months ended September 30, 2011 was $485,000 compared to $1.5 million for the nine months ended September 30, 2010. The decrease is primarily due to decreases in sales of SmartChip Real-Time PCR Systems, Real-Time PCR Chip panels and Fee-for-Service, as well as first quarter sales of SmartSlide™ products (which the Company no longer markets).

Net Income/LossWaferGen reported net income attributable to common stockholders of $3.2 million, or $0.08 per share (basic), $0.03 per share (diluted) for the third quarter of 2011, compared to a net loss attributable to common stockholders of $5.7 million, or $(0.14) per share (basic and diluted) for third quarter 2010.  The Company reported a net loss attributable to common stockholders of $19.2 million, or $(0.46) per share (basic and diluted), compared to a loss attributable to common stockholders of $9.7 million, or $(0.27) (basic and diluted) for the same period in 2010.  The net loss attributable to common stockholders for the first nine months of 2011 includes non-cash charges to net income totaling $5.7 million resulting from new accounting entries related to the closing of the $30.6 mill
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SOURCE WaferGen Biosystems, Inc.
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Related biology technology :

1. WaferGen Announces Delay in Reporting of Second Quarter 2011 Results
2. WaferGen Announces $30 Million Financing
3. WaferGen and NuGEN Announce Agreement to Co-Develop Integrated Workflows Using SmartChip System and SPIA® for Single Cell Analysis, FFPE and Next Generation Sequencing
4. WaferGen Announces General Availability of Quick-Turnaround SmartChip Custom Panels
5. WaferGen Names Gary P. Schroth, Ph.D., as New SVP, Genomics Research and Applications
6. WaferGen Corporate Presentation to be Webcast at Rodman and Renshaws 12th Annual Healthcare Conference
7. WaferGen to Launch Human MicroRNA Panel for Gene-Expression Profiling of 885 MicroRNA for Its Service Using the SmartChip(TM) Real-Time PCR System
8. WaferGen Announces that University of Texas Southwestern Medical Center Demonstrates Utility of New SmartChip(TM) Nano-Dispenser with WaferGens SmartChip(TM) High-throughput Real-Time PCR System
9. WaferGen Names Christopher Sears, Ph.D., Architect of High-Value Molecular Diagnostics and Computational Biology Platforms, to Companys Scientific Advisory Board
10. WaferGen Closes on Private Financings of Approx. $6.2 Million
11. WaferGen to Present at the Rodman and Renshaw Annual Global Investment Conference
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