NEW YORK (GenomeWeb News) – Rosetta Genomics said after the close of the market on Wednesday that it has initiated the closing of a previously announced private placement that is expected to raise $1.3 million in net proceeds for the microRNA-based molecular diagnostic firm.
The company expects to issue an aggregate 2,025,001 shares of its common stock at $.75 per share. Investors also will receive Series A warrants to purchase up to an aggregate of 2,025,001 shares of Rosetta's common stock at an exercise price of $1 per share and Series B warrants to purchase up to an aggregate of 1,012,501 shares of common stock an exercise price of $.01 or ILS.04 ($.01) per share, whichever is greater.
When Rosetta announced the transaction last week, it said that it planned to sell an aggregate of 2,598,002 shares of its common stock. Today, the company said that three affiliated investors who had entered into the definitive purchase agreement to purchase 573,000 shares have told Rosetta they "do not intend to deliver payment for the shares."
Rodman & Renshaw was the exclusive placement agent for the offering.