WaferGen Bio-systems, Inc.
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(Exact Name of Registrant as Specified in its Charter)
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Nevada
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000-53252
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90-0416683
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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7400 Paseo Padre Parkway, Fremont, CA
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94555
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(Address of principal executive offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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Press release issued on November 21, 2011.
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WaferGen Bio-systems, Inc.
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Date: November 21, 2011
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By:
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/s/ Don Huffman
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Don Huffman
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Office of the President and Chief Financial Officer
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November 21, 2011
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FOR IMMEDIATE RELEASE
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WaferGen Contacts
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510-651-4450
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Don Huffman, CFO
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don.huffman@wafergen.com
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Media: Joyce Strand
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joyce.strand@wafergen.com
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September 30, 2011
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December 31, 2010
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Assets
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(Unaudited)
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Current assets:
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Cash and cash equivalents
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$ | 19,810,823 | $ | 2,209,941 | ||||
Restricted cash
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100,916 | 100,651 | ||||||
Accounts receivable, net
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80,334 | 778,769 | ||||||
Inventories, net
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1,326,185 | 1,024,250 | ||||||
Prepaid expenses and other current assets
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187,150 | 176,259 | ||||||
Total current assets
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21,505,408 | 4,289,870 | ||||||
Property and equipment, net
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1,920,043 | 1,191,840 | ||||||
Other assets
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865,416 | 334,855 | ||||||
Total assets
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$ | 24,290,867 | $ | 5,816,565 | ||||
Liabilities and Stockholders’ Equity (Deficit)
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$ | 1,219,037 | $ | 1,196,861 | ||||
Accrued payroll and related costs
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512,426 | 440,101 | ||||||
Deferred revenue
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25,000 | 25,000 | ||||||
Other accrued expenses, current portion
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695,965 | 428,497 | ||||||
Current portion of long-term debt
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— | 419,384 | ||||||
Total current liabilities
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2,452,428 | 2,509,843 | ||||||
Other accrued expenses, non-current portion
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126,911 | — | ||||||
Long-term debt, net of current portion
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1,142,459 | 1,589,468 | ||||||
Fair value of conversion element of Series B redeemable convertible preference shares of subsidiary
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82,861 | 194,088 | ||||||
Derivative liability for conversion element of convertible promissory notes
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5,009,088 | — | ||||||
Warrant derivative liability
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561,456 | 2,240,962 | ||||||
Total liabilities
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9,375,203 | 6,534,361 | ||||||
Series A and B redeemable convertible preference shares of subsidiary
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3,625,405 | 3,337,476 | ||||||
Commitments and contingencies (Note 14)
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— | — | ||||||
Stockholders’ equity (deficit):
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||||||||
Series C convertible preference shares of subsidiary
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4,993,728 | –– | ||||||
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 2,937,499.97 shares issued and outstanding at September 30, 2011
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9,838,569 | — | ||||||
Common stock, $0.001 par value, 300,000,000 shares authorized, 41,563,180 and 41,175,464 shares issued and outstanding at September 30, 2011, and December 31, 2010 respectively
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41,563 | 41,175 | ||||||
Additional paid-in capital
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49,090,520 | 38,881,075 | ||||||
Accumulated deficit
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(52,697,855 | ) | (43,265,399 | ) | ||||
Accumulated other comprehensive income
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23,734 | 287,877 | ||||||
Total stockholders’ equity (deficit)
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11,290,259 | (4,055,272 | ) | |||||
Total liabilities and stockholders’ equity (deficit)
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$ | 24,290,867 | $ | 5,816,565 |
Three Months Ended September 30,
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Nine Months Ended September 30,
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2011
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2010
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2011
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2010
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Revenue
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$ | 89,088 | $ | 633,241 | $ | 485,025 | $ | 1,454,920 | ||||||||
Cost of revenue
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492,246 | 312,047 | 647,137 | 583,796 | ||||||||||||
Gross profit (loss)
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(403,158 | ) | 321,194 | (162,112 | ) | 871,124 | ||||||||||
Operating expenses:
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Sales and marketing
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913,948 | 653,322 | 2,550,107 | 1,378,271 | ||||||||||||
Research and development
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1,900,417 | 2,047,367 | 5,980,305 | 5,086,078 | ||||||||||||
General and administrative
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1,259,211 | 1,248,773 | 4,747,992 | 3,452,727 | ||||||||||||
Total operating expenses
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4,073,576 | 3,949,462 | 13,278,404 | 9,917,076 | ||||||||||||
Operating loss
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(4,476,734 | ) | (3,628,268 | ) | (13,440,516 | ) | (9,045,952 | ) | ||||||||
Other income and (expenses):
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||||||||||||||||
Interest income
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6,843 | 7,965 | 14,203 | 15,072 | ||||||||||||
Interest expense (including excess debt discount of $2,255,074 expensed as interest in the nine months ended September 30, 2011)
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(240,143 | ) | (280 | ) | (3,059,370 | ) | (1,954 | ) | ||||||||
Gain on revaluation of conversion element of Series B redeemable convertible preference shares of subsidiary, net
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35,615 | 124,473 | 111,227 | 124,473 | ||||||||||||
Gain on revaluation of conversion element of convertible promissory notes, net
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7,525,265 | — | 5,912,152 | — | ||||||||||||
Gain (loss) on revaluation of warrants, net
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1,064,096 | (1,665,950 | ) | 1,363,703 | 14,526 | |||||||||||
Liquidated damages for late S-1 registration
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(532,161 | ) | — | (532,161 | ) | — | ||||||||||
Miscellaneous income (expense)
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214,843 | (62,703 | ) | 197,593 | (135,697 | ) | ||||||||||
Total other income and (expenses)
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8,074,358 | (1,596,495 | ) | 4,007,347 | 16,420 | |||||||||||
Net income (loss) before provision for income taxes
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3,597,624 | (5,224,763 | ) | (9,433,169 | ) | (9,029,532 | ) | |||||||||
Provision for income taxes
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16,703 | — | (713 | ) | — | |||||||||||
Net income (loss)
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3,580,921 | (5,224,763 | ) | (9,432,456 | ) | (9,029,532 | ) | |||||||||
Accretion on Series A and B redeemable convertible preference shares of subsidiary associated with premium
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(166,773 | ) | (79,151 | ) | (287,929 | ) | (223,464 | ) | ||||||||
Accretion on Series B redeemable convertible preference shares of subsidiary associated with bifurcation of conversion element
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— | (428,787 | ) | — | (428,787 | ) | ||||||||||
Accretion on Series A-1 convertible preferred stock associated with beneficial conversion feature
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— | — | (9,250,009 | ) | — | |||||||||||
Series A-1 preferred dividend
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(191,866 | ) | — | (266,119 | ) | — | ||||||||||
Net income (loss) attributable to common stockholders
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$ | 3,222,282 | $ | (5,732,701 | ) | $ | (19,236,513 | ) | $ | (9,681,783 | ) | |||||
Net income (loss) per share - basic
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$ | 0.08 | $ | (0.14 | ) | $ | (0.46 | ) | $ | (0.27 | ) | |||||
Net income (loss) per share - diluted
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$ | 0.03 | $ | (0.14 | ) | $ | (0.46 | ) | $ | (0.27 | ) | |||||
Shares used to compute net income (loss) per share - basic
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41,549,594 | 39,851,627 | 41,378,428 | 35,756,913 | ||||||||||||
Shares used to compute net income (loss) per share - diluted
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113,656,017 | 39,851,627 | 41, 378,428 | 35,756,913 |
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