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WaferGen Reports Second Quarter 2011 Financial Results
Date:9/12/2011

FREMONT, Calif., Sept. 12, 2011 -- WaferGen Biosystems, Inc. (OTCBB:WGBSE), a leading developer of state-of-the-art genomic analysis systems, today reported financial results for the second quarter ended June 30, 2011."During the second quarter, our principle focus was to secure adequate funding to commercialize the SmartChip Real-Time PCR System.  We accomplished that goal on May 27, 2011 by completing a private placement financing of $30.6 million in equity and debt with three leading institutional life science investors, Great Point Partners, LLC, Deerfield Management and Merlin Nexus, and certain members of the Board and management," said Alnoor Shivji, Chairman and CEO.

"We will put this money to work in the second half of the year to expand the commercial team and generate additional applications and content for the SmartChip System.  With additional applications (genotyping) and enhancements to SmartChip panels (disposables), we can continue to enrich the transformative SmartChip System to address unmet needs in biomarker profiling validation, next-generation sequencing validation, disease research, drug development, personalized medicine and applied markets."

RevenueRevenue for the second quarter ended June 30, 2011 was $45,000 compared to $432,000 for the second quarter ended June 30, 2010.  Revenue for the six months ended June 30, 2011 totaled $396,000 compared to $822,000 for the first six months of 2010.  Substantially all of the revenue in the second quarter and the first six months ended June 30, 2011 was from sales of a combination of one or more of WaferGen's SmartChip Systems, SmartChip Panels (disposable gene chips) and/or SmartChip Gene Expression Profiling Services, compared with a mix of SmartChip and SmartSlide revenue in 2010. The decrease in revenue is primarily due to the absence of sales of SmartChip Real-Time PCR Systems, along with a decrease in sales of the company's Real-Time PCR Chip panels and
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SOURCE WaferGen Biosystems, Inc.
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