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WaferGen Announces $7 Million Capital Raise -- $5 Million Equity Private Placement Agreement Signed, and $2 Million Credit Facility Closed
Date:12/15/2010

FREMONT, Calif., Dec. 15, 2010 /PRNewswire-FirstCall/ -- WaferGen Biosystems, Inc. (OTC Bulletin Board: WGBS), a leading developer of state-of-the-art genomic analysis systems, today announced that its Malaysian subsidiary, WaferGen Biosystems (M) Sdn. Bhd., has signed a purchase agreement with an investor for a $5 million private placement of the Malaysian subsidiary's Series C-1 redeemable convertible preference shares.  WaferGen also announced that it completed a secured credit facility with Oxford Finance Corporation for a loan in an aggregate principal amount of $2 million.

WaferGen expects to use the net proceeds from the financings for general corporate and working capital purposes, including for the broad commercialization of the WaferGen SmartChip Real-Time PCR system launched in August 2010.

The investor in the private placement is Malaysian Technology Development Corporation Sdn. Bhd., a leading venture capital and development firm in Malaysia, which has previously invested in WaferGen's Malaysian subsidiary.  The purchase price of the Series C-1 preference shares is $1.55 per share and the closing is expected to occur in December 2010.  The investor has also been granted a right to purchase up to $2.5 million of Series C-2 preference shares of the Malaysian subsidiary at a purchase price of $2.32 per share at any time within 36 months of the closing.  The redeemable convertible preference shares will be converted into shares of common stock of WaferGen on a one-for-one basis within one year of issuance.

The Oxford credit facility is repayable over three years, and interest on loan is fixed at approximately 13% per annum.  The facility is secured by substantially all of the company's personal property other than intellectual property, and the credit facility agreement contains certain restrictive covenants applicable to the co
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SOURCE WaferGen Biosystems, Inc.
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