FREMONT, Calif., June 13 /PRNewswire-FirstCall/ -- WaferGen
Bio-systems, Inc. a Nevada corporation (OTC Bulletin Board: WGBS) 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, announced a second closing of a private placement of common
stock and warrants to accredited investors, bringing the total proceeds
from the private placements to $12 million.
In addition, WaferGen named Joel Kanter and R. Dean Hautamaki, M.D. to
the Board of Directors and Eugene A. Bauer M.D., to the position of
Chairman of the company's Scientific Advisory Board.
"We are delighted to bring such highly-skilled and acclaimed
professionals to WaferGen's board: their commercial, scientific and
financial acumen will help drive the development and commercialization of
our novel SmartSlide(TM) and SmartChip(TM) products," said Alnoor Shivji,
Chairman and CEO, WaferGen.
Joel Kanter has been in the financial services industry for over three
decades and has focused on providing equity and bridge financing to small
and mid size companies and institutional financing to mature enterprises.
He has served as President of Windy City, Inc., a privately held investment
firm and as the Chief Executive Officer and President of Walnut Financial
Services, Inc., a publicly traded company. Mr. Kanter serves on the Board
of Directors of several public and privately held companies: Aquamatrix,
Inc., Echo Healthcare Acquisition Corp., Modigene, Inc., I-Flow
Corporation, Magna-Lab, Inc.,. Mr. Kanter has a B.A. in political science
and a B.S. in psychology from Tulane University.
R. Dean Hautamaki, M.D. is a practicing internist/pulmonary critical
care specialist in Sarasota FL. Dr Hautamaki serves as an assistant
clinical professor of medicine for Florida State University and is the
principal investigator for over 40 clinical drug trials. Previously, he was
Director of Critical Care Medicine as well as Chairman of Medicine at
Sarasota Memorial Hospital. He graduated Alpha Omega Alpha from the
University of Florida, College of Medicine and completed his residency and
fellowship at Washington University School of Medicine in St Louis, MO. He
has authored numerous articles and has lectured throughout the country on
Eugene Bauer, M.D. is CEO of Neosil, Inc., a biotechnology company. Dr.
Bauer was previously Vice President for Medical Affairs of Stanford
University, Dean of the School of Medicine and was Chair of the Department
of Dermatology. Dr. Bauer is one of three co-founders of Connetics Corp. He
is a member of the boards of directors of Protalex, Inc., Echo Healthcare
Acquisition Corp., Modigene, Inc., Peplin, Ltd. and is a member of numerous
academic societies, including the Institute of Medicine of the National
Academy of Sciences.
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
SOURCE WaferGen Bio-systems, Inc.