WaferGen Biosystems to raise $1.5 million in private placement

WaferGen Biosystems Inc. will sell preferred shares in a Malaysian subsidiary to raise $1.5 million.

The Fremont company (OTCBB: WGBS) makes technology used by biology and drug companies for genetic analysis.

In this deal, it agreed to sell shares in WaferGen Biosystems (M) Sdn. Bhd., its Malaysian unit. Buyers include Prima Mahawangsa Sdn. Bhd. and Expedient Equity Ventures Sdn. Bhd.

WaferGen will spend this money on its SmartChip system, used for polymerase chain reaction, or PCR, in which snippets of DNA are amplified so they can more easily be analyzed. That product is not yet on sale, though the company already sells another set of products called SmartSlide, also used by biology businesses.

http://www.bizjournals.com/sanfrancisco/stories/2009/04/13/daily16.html?q=private%20placement

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