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WaferGen Bio-systems (WGBS) Stock Falls After Pricing Public Offering

NEW YORK (TheStreet) -- Shares of WaferGen Bio-systems (WGBS - Get Report) were falling 21.9% to $1.12 with heavy trading volume on Friday after the biotechnology company priced the 3.92 million shares of common stock in its public offering.

WaferGen Bio-systems priced the 3.92 million shares of common stock at $1 a share. Each share of common stock will be bundled with a five-year warrant to buy one share of common stock at $1.44 a share.

The company granted the underwriters of the offering a 45-day option to buy up to 2.25 additional share of common stock and/or warrants to buy up to 2.25 million shares of common stock.

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WaferGen Bio-systems expects to receive net proceeds of about $13.6 million from the offering. The company plans to use the net proceeds for research and development and the commercialization activities for its single cell products, for sales and marketing, and for general corporate purposes.

About 3.5 million shares of WaferGen Bio-systems were traded by 10:35 a.m. Friday, above the company's average trading volume of about 1 million shares a...