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Rosetta to Offer $35M in Public Offering, Receives NYS Approval for Lung Cancer Assay

NEW YORK (GenomeWeb News) – Rosetta Genomics on Monday filed a preliminary prospectus with the US Securities and Exchange Commission for a public offering of common stock aimed at raising up to $35 million.

The company also announced that its miRview lung assay has received conditional approval by the New York State Department of Health.

The Israeli molecular diagnostics firm has not priced its offering, but said that it intends to use net proceeds for operations and other general corporate purposes. Aegis Capital is listed in the SEC document as the underwriter for the offering.

Earlier this month, Rosetta raised $6 million in a direct offering and regained Nasdaq compliance, and last week it paid off a secured loan.

The company also announced today that it has been conditionally approved by New York to offer its miRview lung assay for testing on patient samples from the state. As a result, the test can be offered in all 50 states. Final approval from New York is still pending and NYDOH may request additional information within 60 business days.

The miRview lung assay is a microRNA-based assay that identifies four main subtypes of lung cancer using tumor cells. The test was launched in July 2011.

The firm also has restated its full-year 2011 earnings results to reflect its one-for-15 reverse stock split, which took effect in May. The company restated its net loss for the year to $8.8 million, or $17.40 per share on revenues of $103,000.

In early Tuesday trading on the Nasdaq, shares of Rosetta were up 9 percent at $12.85.

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