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Rosetta Genomics to Buy CLIA Lab for $2.9M

NEW YORK (GenomeWeb News) – Rosetta Genomics has signed a binding term sheet to acquire Parkway Clinical Laboratories, a privately held CLIA-certified lab, for $2.9 million and an additional $300,000 if certain milestones are met.
 
Rehovot, Israel-based Rosetta said that the acquisition would help expedite development and validation of its first microRNA-based diagnostic tests.
 
Rosetta is developing microRNA-based tests for differentiating squamous versus non-squamous non-small cell lung cancer, for differentiating between mesothelioma and adenocarcinoma, and for cancer of unknown primary. It anticipates developing and validating these tests at Parkway’s facilities in Bensalem, Pa.
 
“The lab’s wide experience in diagnostic testing and regulatory compliance will provide us with strong commercial infrastructure that will complement our advanced R&D capabilities,” Amir Avniel, president and CEO of Rosetta, said in a statement.
 
Rosetta said that 33 employees of Parkway will join the firm, including Raza Bokhari, chairman, president and CEO of Parkway. He will become chief development officer of Rosetta following the close of the deal.
 
Rosetta said that the purchase price consists of $1.9 million in cash and $1 million worth of Rosetta’s ordinary shares.
 
Parkway is expected to bring in revenues of roughly $3 million in 2008, said Rosetta.

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