FREMONT, Calif., Feb. 15, 2017 /PRNewswire/ -- WaferGen
Bio-systems, Inc. (NasdaqCM: WGBS) today announced preliminary,
unaudited revenue for the fourth quarter and full year of 2016.
The Company expects total revenue for the fourth quarter of 2016
to be approximately $3.9 million or a
62% increase when compared to the $2.4
million reported for the fourth quarter of 2015. In
addition, the Company ended the fourth quarter with cash of
approximately $4.5 million, which
includes the initial $2.5 million
advanced by Takara Bio USA
Holdings, Inc. pursuant to the deposit agreement entered into in
connection with the merger agreement between the companies.
Takara Bio and the Company announced
the merger agreement in 2016 and expect to close the merger in late
February or March 2017, subject to
the terms and conditions of the merger agreement.
For full-year 2016, WaferGen expects total revenue to be
approximately $10.7 million compared
to the $7.2 million reported for the
full-year 2015, which would represent 50% total revenue
growth.
"We achieved revenues in line with our total revenue guidance of
$10-$12 million in 2016," said Dr.
Rollie Carlson, CEO of WaferGen
Bio-systems.
The preliminary unaudited financial results included in this
press release were calculated prior to the completion of financial
statements for the fourth quarter or full year of 2016 and a review
by WaferGen Bio-systems' external auditors and are therefore
subject to adjustment. Actual revenues for the fourth quarter
and full year 2016 may differ materially from our
expectations.
About WaferGen
WaferGen Bio-systems, Inc. is a biotechnology company that
offers innovative genomic technology solutions for single-cell
analysis and clinical research. The ICELL8™ Single-Cell System is a
first of its kind system that can isolate thousands of single cells
and processes specific cells for analysis, including NGS. The
system has demonstrated unbiased isolation of single cells from
solid tumors, brain cells, pulmonary airway cells, and multiple
cell lines. The SmartChip™ platform can be used for profiling and
validating molecular biomarkers, and can perform massively-parallel
singleplex PCR for one-step target enrichment and library
preparation for clinical NGS. The Apollo 324™ system can be used to
process DNA and RNA from clinical samples to NGS-ready libraries.
These technologies offer a powerful set of tools for biological
analysis at the molecular and single cell level in the life
sciences, pharmaceutical, and clinical laboratory industries.
WaferGen announced a merger agreement with Takara Bio Inc. (TSE:
4974), a leading Japanese and global biotechnology and life science
reagents company, which is expected to close in February or March
of 2017, subject to the terms and conditions thereof.
Forward Looking Statements
This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, that are intended
to be covered by the "safe harbor" created by those sections.
Forward-looking statements, which are based on certain assumptions
and describe our future plans, strategies and expectations, can
generally be identified by the use of forward-looking terms such as
"believe," "expect," "may," "will," "should," "could," "seek,"
"intend," "plan," "estimate," "anticipate" or other comparable
terms. Forward-looking statements in this press release may address
the following subjects among others: statements regarding expected
revenues, sufficiency of our capital resources, expected operating
losses, expected expenses, expected cash usage, our expectations
regarding our development of future products including single cell
analysis technologies and our expectations concerning our
competitive position and business strategy, and our contemplated
merger with Takara Bio.
Forward-looking statements involve inherent risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements, as a result of various factors
including those risks and uncertainties described in the Risk
Factors and in Management's Discussion and Analysis of Financial
Condition and Results of Operations sections of our most recently
filed Annual Report on Form 10-K and any subsequently filed
Quarterly Reports on Form 10-Q. We urge you to consider those risks
and uncertainties in evaluating our forward-looking statements. We
caution readers not to place undue reliance upon any such
forward-looking statements, which speak only as of the date made.
Except as otherwise required by the federal securities laws, we
disclaim any obligation or undertaking to publicly release any
updates or revisions to any forward-looking statement contained
herein (or elsewhere) to reflect any change in our expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
Investor Contact:
Rollie Carlson
Rollie.Carlson@wafergen.com
510-277-3417
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SOURCE WaferGen Bio-systems, Inc.