Rosetta Genomics

Genoptix terminated the merger agreement after an insufficient number of Rosetta shareholders voted in favor of the deal.

Genoptix has also agreed to provide a $1.8 million secured bridge loan facility to fund Rosetta’s operations through the closing of the deal.

Last month, the company was notified that it no longer met the Nasdaq's stockholder equity listing requirement and faced delisting.

Earlier this year, Rosetta effected a 1-for-12 reverse stock split after failing to meet the Nasdaq's $1 minimum bid price requirement.

The company also disclosed that the previously announced sale of its PersonalizeDx business has been delayed after the buyer failed to complete the transaction.

Rosetta entered into a definitive agreement with an institutional healthcare investor for a $2 million private placement.

Rosetta acquired PersonalizeDx and its range of molecular diagnostic offerings in early 2015 for $2 million in cash plus stock.

The company said the layoffs are part of a cost-reduction plan that aims to initially cut annual operating expenses by $1.7 million.

The company priced its offering at $1.40 per unit and said it intends to use the proceeds for operations and for other general corporate purposes.

The partners aim to identify microRNAs that can be used to identify patients likely to respond to PD-L1-targeting cancer drugs.

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