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Rosetta Genomics Completes $4.5M Financing

NEW YORK (GenomeWeb News) – Rosetta Genomics said yesterday that it has completed its previously announced direct offering of approximately $5.1 million in securities.

Rosetta has received net proceeds of approximately $4.5 million after deducting placement agent fees and other offering expenses.

The molecular diagnostics developer said that it plans to use the $4.5 million in proceeds from the offering for general corporate purposes and to support the development of its microRNA-based diagnostic pipeline.

Under the terms of the financing, Rosetta has sold approximately 2.5 million units, consisting of an aggregate of 2.5 million ordinary shares and warrants to purchase 1.3 million additional ordinary shares. Each unit, consisting of one ordinary share and a warrant to purchase one-half of an ordinary share, was sold for a purchase price of $2.00.

Rosetta originally announced the offering last week, two days after it disclosed positive data from a clinical study conducted with Johns Hopkins University for Rosetta's microRNA-based diagnostic for squamous non-small cell lung cancer.

"We are very excited about the potential for our proprietary microRNA technology to enhance human health and, among other uses, this financing will help to advance the development of our product pipeline, particularly our five near-term diagnostic tests," Rosetta President and CEO Kenneth Berlin said in a statement.

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