2014

WaferGen Completes Merger and Private Placement of $10.7 Million Company Names David H. Gelfand, Ph.D., One of the Pioneers of PCR

Technology, As Chief Scientific Officer



    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
 operations."
     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
 pharmaceutical companies.
     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.
     About WaferGen
     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.
     Forward-Looking Statements
     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.
     Contacts:
     WaferGen
     Mona Chadha
     mona@wafergen.com
     510-651-4450
 
     For Investor Relations
     Jennifer Larson
     jlarson@labfive.com
     415 409 2729
 
 

SOURCE WaferGen Bio-systems, Inc.

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.