WaferGen Reports First Quarter Financial Results for 2008
During the first quarter of 2008, the company achieved the followingmilestones:
"Since the beginning of 2008, WaferGen has completed development of ouralpha version SmartChip, signed multiple agreements to broaden distribution ofour SmartSlide product, initiated a new manufacturing, research anddevelopment alliance in Malaysia, and enhanced our product line through thelaunch of the SmartSlide 200," said Alnoor Shivji, WaferGen's chairman andchief executive officer. "This is an exciting time for the company and welook forward to building on this momentum throughout 2008."
Q1 2008 FINANCIAL RESULTS
At March 31, 2008, WaferGen had cash, cash equivalents and marketablesecurities of $3.2 million, compared to $5.2 million at December 31, 2007.This balance does not include the approximately $5.6 million in new financingsecured subsequent to the quarter end.
WaferGen reported a net loss of $1.89 million, or ($0.08) per share, forthe quarter ended March 31, 2008, compared to a net loss of $1.01 million, or($0.28) per share, for the quarter ended March 31, 2007.
WaferGen's net revenue was $182,000 for the quarter ended March 31, 2008,compared to $60,500 for the quarter ended March 31, 2007, an increase of 200%.The increase in net revenue was primarily due to the signing of multipledistributorship agreements worldwide for the company's SmartSlide(TM) Micro-Incubation System.
Research and development expense was $952,000 for the quarter ended March31, 2008, compared to $400,000 for the quarter ended March 31, 2007, anincrease of 138%. This increase was primarily due to expenses associated withheadcount, salaries and wages, development supplies, parts, labor andprocurement of lab equipment.
Sales and marketing expense was $385,000 for the quarter ended March 31,2008, compared to $152,000 for the quarter ended March 31, 2007, an increaseof 153%. This increase was primarily due to expenses associated withheadcount, salaries and wages, various marketing programs, and other costs tosupport the growth of our business.
General and administrative expense was $689,000 for the quarter endedMarch 31, 2008, compared to $425,000 for the quarter ended March 31, 2007, anincrease of 62%. This increase was due to expenses associated with salariesand wages, stock options, and legal and professional fees relating toregulatory filings and other requirements of being a public company.
During the balance of 2008, WaferGen will continue to work toward thecreation of corporate and shareholder value through the achievement of keymilestones. In the near term, one such achievement will be the delivery ofthe SmartChip(TM) Real-Time PCR System to the University of Pittsburg MedicalSchool for alpha testing during the second quarter of 2008. For the remainderof 2008, additional milestones will include:
This press release shall not constitute an offer to sell or a solicitationof an offer to purchase any of securities referenced herein, and shall notconstitute an offer, solicitation or sale in any state or jurisdiction inwhich such an offer, solicitation or sale would be unlawful. The securitiesbeing offered have not been registered under the Securities Act of 1933 andmay not be offered or sold in the United States absent registration or anapplicable exemption from registration requirements. This press release isbeing issued pursuant to and in accordance with Rule 135c under the S
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