WaferGen Biosystems, Inc. (OTCBB: WGBS) is an emerging company which develops, manufactures, and sells state-of-the-art systems for genome analysis for the life science and pharmaceutical industries. Based on collaborations established with leading research institutions, WaferGen believes that the SmartChip Real-Time PCR System is positioned as the platform of choice for biomarker identification and validation.
WaferGen Biosystems issued a press release announcing a strategic realignment focusing on flexibility and cost effectiveness, as well as the consolidation and reorganization of its operations.
As part of this new direction, The Company will issue a new version of its SmartChip System that will enable customers to design and perform experiments in a simplifyed "open format," with a very low cost per reaction.
"We are pleased to announce the new strategic path for WaferGen. The overwhelmingly positive feedback from our customers validates our intention to enable researchers and CLIA labs to perform flexible qPCR reactions on a nano scale..."
"The world is not created in fixed ratio matrices, and our platform will let the science drive the format necessary to answer important genomic questions. Our focus will be on WaferGen's core competencies – engineering and validation of a variety of chemistries to provide an open format for cost-effective gene expression and genotyping analysis, as well as target enrichment for NGS. Our customers will be able to load their custom content on our chips and conduct experiments of their own design by leveraging the unique features of our platform."
The restruturing plan will also involve several cost-saving measures including the elimination of approximately 20 positions during the current fiscal quarter, an action the Company anticipates will be reduce burn rate 30% to approximately $700,000.
Read the full press release here.