FREMONT, Calif., Oct. 20, 2011 /PRNewswire/ -- WaferGen Biosystems, Inc. (OTCBB:WGBS), an emerging genomic analysis company, today announced organizational changes to strengthen domain leadership and enhance commercialization expertise required to increase the adoption of its SmartChip System.
As an initial step, the company has engaged Steve Lombardi, formerly President and a director of Helicos BioSciences Corporation, as a consultant to work with management and provide strategic guidance. Mr. Lombardi has significant domain expertise from his 30 plus years in this field in roles with Helicos, Affymetrix and Applied Biosystems.
After successfully bringing the company to the point of initial commercialization, Alnoor Shivji will step aside as WaferGen's Chief Executive Officer and President effective immediately, and will continue to serve as WaferGen's Chairman of the Board. Until a permanent replacement Chief Executive Officer is appointed, a new Office of the President has been formed to assume the primary executive officer functions, and will consist of Mona Chadha, Chief Operating Officer, Executive Vice President and Secretary, and Donald Huffman, Chief Financial Officer.
"These organizational changes will provide the leadership to guide WaferGen through the next phase of commercialization of the SmartChip System," said Joel Kanter, Chairman of WaferGen's Audit and Compensation Committees.
"We want to thank Alnoor for his immense contributions as Chief Executive Officer to the development of WaferGen's unique and significant technological achievements during the development stage of the company. His accomplishments as the Chief Executive Officer of a number of successful start-up technology companies enabled us to achieve engineering outcomes many thought impossible, and left us prepared to tackle the challenges of commercialization. Alnoor will continue to work with us as Chairman of the Board to achieve those objectives."
Ms. Chadha joined the company in 2006 as Vice President, Marketing and Business Development and was promoted to Chief Operating Officer and Executive Vice President in February 2010. She has more than 20 years of domain expertise in life sciences with leading biotechnology companies. Mr. Huffman has served as the company's Chief Financial Officer since September 2010. Mr. Huffman brings more than 30 years of corporate development and senior financial management experience to WaferGen.
About WaferGen and the SmartChip Real-Time PCR System
WaferGen Biosystems, Inc., an emerging genomic analysis company in the early stage of commercialization, offers the transformative SmartChip Real-Time PCR System—a next-generation Real-Time PCR System for profiling and validation of gene expression patterns (biomarkers) on a single platform. The SmartChip System provides a range of high-throughput capabilities including microRNA and mRNA gene expression profiling and Single Nucleotide Polymorphism (SNP) genotyping. WaferGen also offers Quick-Turnaround SmartChip Custom (User-Defined) Panels to enable validation studies of specific genes of interest through customization of high-throughput, real-time PCR SmartChip assay panels—all on a quick-turnaround basis.
In addition, the company offers an innovative fee-based service for gene-expression profiling using the SmartChip System. For additional information, please see http://www.wafergen.com
Forward Looking Statements
This press release contains certain "forward-looking statements". Such statements include statements relating to management changes and WaferGen's transition to a permanent CEO, and other statements relating to future events are not historical facts, including statements which may be preceded by the words "will," "believes" or similar words. 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. 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 year ended December 31, 2010 and the company's most recent Quarterly Report on Form 10-Q for the period ended June 30, 2011. Security holders are urged to read these documents 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.
Don Huffman, CFO
Media: Joyce Strand
Investors: Tim Ryan
|SOURCE WaferGen Biosystems, Inc.|
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