NEW YORK (GenomeWeb News) – Rosetta Genomics said today that institutional investors have agreed to around $5.1 million in securities through a direct share offering.
The molecular diagnostics developer plans to use the expected $4.5 million in proceeds from the offering for general corporate purposes.
Rosetta said it has agreed to sell an aggregate of 2.5 million of ordinary shares and warrants to purchase up to about 1.3 million more ordinary shares.
Each unit, consisting of one ordinary share and a warrant to buy one half of an ordinary share, will be sold for a purchase price of $2, the firm said.
The $4.5 million gained from the sale may go to borrowing, working capital, intellectual property protection and enforcement, expenses, investments, mergers and acquisitions or collaborations, research and development, and product development.
The placement, which is being handled by Rodman & Renshaw, is expected to close by January 19.
The firm announced on Wednesday that a joint study with Johns Hopkins University has shown that its miRview squamous non-small cell lung cancer diagnostic accurately classified NSCLC samples from resection and from fine-needle aspirate blocks.
That news sent Rosetta Genomics' Nasdaq share price soaring, rising as high as $3.20 a share from Tuesday's closing price of $1.85. The stock was trading at $2.06 Thursday morning.