FREMONT, Calif., June 6 /PRNewswire-FirstCall/ -- WaferGen Bio-systems,
Inc. a Nevada corporation (OTC Bulletin Board: WGBS) today announced that
on May 31, 2007 it completed a merger with WaferGen, Inc., a Delaware
corporation. WaferGen Bio-systems will now continue to pursue WaferGen,
Inc.'s business involving development, manufacture and sale of systems for
stem cell research and cell biology, including for gene expression and
genotyping for life sciences, pharmaceutical drug discovery, biomarker
discovery and diagnostic products industries. WaferGen Bio-systems has
retained WaferGen, Inc.'s senior management, led by its co-founder,
Chairman & CEO, Alnoor Shivji, to serve as senior management and as
directors of WaferGen Bio-systems. Alnoor Shivji, co-founded and managed
several previous high-tech companies, including Cyras Systems, Fiberlane
Communications (Canada) (split into Cerent and Siara Systems) and OSIware.
In connection with the merger, WaferGen Bio-systems completed a private
placement of $10.7 million of common stock and warrants to accredited
investors. The company plans to use the proceeds for general working
capital, including strengthening of corporate infrastructure and product
offerings, including further development of its innovative whole genome,
high-throughput SmartChip(TM) system. Rodman and Renshaw acted as exclusive
placement agent for the private offering.
"This represents a major milestone for WaferGen, positioning our
company for accelerated growth," said Alnoor Shivji. "The financial
resources and corporate visibility provided by our recapitalization and
financing will enable us to accelerate sales and marketing activities
around our current SmartSlide(TM) products, further the development of our
SmartChip products and recruit additional key team members for our
The SmartSlide family of products is based on a groundbreaking
micro-incubator that features fluidic exchange designed to mirror
physiological conditions. For the first time ever, life science researchers
will have the tools to enable them to perform time lapse imaging studies to
characterize, differentiate and proliferate cells and grow stem, primary
and other difficult to cultivate cells in consistently optimal conditions.
Current customers of the SmartSlide system include: Mayo Clinic, Harvard
University, Memorial Sloan-Kettering Cancer Research Center, University of
Southern California, University of California, Los Angeles and leading
WaferGen's SmartChip system is being developed to utilize
semi-conductor, optical and ink jet printing technologies, and novel
customized chemistries built into the content-ready chip, to facilitate
experiments without the need for advanced preparation of reagents. This
automation is expected to set new standards in performance, throughput and
cost-effectiveness and address the emerging needs of the genetic analysis
market. Pharmaceutical companies, academic institutions, and agricultural,
environmental and governmental agencies will be targeted as customers for
the SmartChip system.
The company also announced that David H. Gelfand, Ph.D., has been named
Chief Scientific Officer of the company. Dr. Gelfand is one of the pioneers
of PCR (polymerase chain reaction) having helped initially develop the
technique in the 1980s while at Cetus Corporation. He also is recognized
for his leading role in the emergence and evolution of DNA sequencing while
at Roche Molecular Systems, where he was Vice President, Discovery Research
and Director for the Program in Core Research. Dr. Gelfand holds 50 patents
and in 1990 was the recipient of the US Distinguished Inventor Award for
Taq DNA Polymerase.
WaferGen is focused on the development of state of the art systems for
gene expression, genotyping and stem cell research for the life science and
pharmaceutical industries. WaferGen's products are aimed at professionals
who perform genetic analysis and cell biology, primarily at pharmaceutical
and biotech companies, academic and private research centers and
diagnostics companies involved in biomarker research. Through its SmartChip
and SmartSlide products, WaferGen is aiding professionals in re-defining
performance standards with significant time and cost savings in the fields
of pharmacogenomics and toxicogenomics.
For more information about the company, go to http://www.wafergen.com.
This press release contains certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Such statements may include statements regarding the efficacy and
intended use of the company's technologies, the timelines for bringing such
products to market and the availability of funding sources for continued
development of such products and other statements that are not historical
facts, including statements which may be preceded by the words "intends,"
"may," "will," "plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential" or similar words. For
such statements, the company claims the protection of the Private
Securities Litigation Reform Act of 1995.
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. Factors that may cause such
differences include the risks that: (i) the company may be unsuccessful in
commercially developing its products or in achieving market acceptance of
new and relatively unproven technologies; (ii) the company will need to
raise additional capital to meet its business requirements in the future
and the company may not be able to do so on reasonable terms or at all;
(iii) the company's proprietary intellectual property rights may not
adequately protect its products and technologies; (iv) the company expects
intense competition in its target markets, including from companies that
have much greater resources than the company, and there can be no assurance
that the company will be able to compete effectively. 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 Current Report on Form 8-K filed with the SEC on June 5, 2007.
Investors and security holders are urged to read this document free of
charge on the SEC's web site at http://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.
For Investor Relations
415 409 2729
SOURCE WaferGen Bio-systems, Inc.