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Rosetta Genomics Initiates $2M Private Placement

NEW YORK (GenomeWeb) – Rosetta Genomics said today that it has entered into a definitive agreement with an institutional healthcare investor for a $2 million private placement.

Under the terms of the agreement, Rosetta will issue unregistered convertible debentures (convertible into approximately 2.2 million ordinary shares) and warrants to purchase up to the same number of ordinary shares for gross proceeds of $2 million.

The convertible debentures will have a term of 30 years, be unsecured, not bear any interest, and have a conversion price of $0.92 per share.  The warrants will have a term of five years, be exercisable upon issuance, and have an exercise price of $1.15 per share.

The closing of the offering is expected to occur on or about Oct. 2 subject to the satisfaction of customary closing conditions, Rosetta said. The company did not disclose its intended use for the proceeds.

Earlier this month Rosetta said it was implementing a cost-reduction plan to initially trim its annual operating expenses by $1.7 million, primarily through layoffs and discretionary spending cuts. The company also recently agreed to sell its PersonalizeDx molecular diagnostics unit to healthcare business group Pragmin Prognosis for $2.9 million in cash.

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