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Rosetta Genomics Offering $1.9M in Securities in Private Placement

NEW YORK (GenomeWeb News) – Rosetta Genomics today announced a definitive agreement to sell to investors an aggregate $1.9 million in securities in a private placement.

The closing of the offering is expected to take place on or about Oct. 18. Rodman & Renshaw was the exclusive placement agent for the offering.

Rosetta, which earlier this week announced a restructuring resulting in 35 job cuts, will sell an aggregate of 2,598,002 shares of its common stock at $.75 per share. Investors also will receive Series A warrants to purchase up to an aggregate of 2,598,002 shares of its common stock at an exercise price of $1 per share, and Series B warrants to purchase up to an aggregate of 1,299,001 shares of its common stock at an exercise price equal to the greater of $.01 or ILS.04 ($.01).

Rosetta is required to file a resale registration statement with the US Securities Exchange Commission within 20 days following the closing that covers the resale by investors of the shares and shares issuable upon exercise of the warrants.

The Series A warrants are exercisable immediately and have a term of five years. The Series B warrants will be automatically exercised on a cashless basis on the 11th trading day after the effective date of the resale registration statement, dependent on certain conditions based on the weighted average price of Rosetta's ordinary shares.

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