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Rosetta Pays Prometheus $650K; Not in Compliance With Nasdaq Requirement

NEW YORK (GenomeWeb News) – Rosetta Genomics disclosed after the close of the market on Thursday that it has paid $650,000 it owed to Prometheus Laboratories.

Separately, it said that it has been warned by Nasdaq that it is not in compliance with a listing requirement.

In a document filed with the US Securities and Exchange Commission, the Israel-based molecular diagnostics firm said that it has paid Prometheus the $650,000 principal payment plus accrued and unpaid interest that had been due on Nov. 22, 2011 as part of a $1.4 million promissory note dated Nov. 22, 2010.

Rosetta said last week that it had defaulted on the payment.

In its SEC filing from a week ago, the company had raised the possibility that it may have to seek bankruptcy protection as a result of the default, even if it paid Prometheus. Thursday's filing did not address that issue.

Rosetta said in another SEC document filed yesterday that it has received notice from the Listing Qualifications Staff of Nasdaq that its bid price had closed under a required minimum $1 per share price for the prior 30 consecutive business days, putting it at risk of being delisted.

Nasdaq has granted Rosetta 180 calendar days, through May 29, 2012, to regain compliance. To do so, it would need to have a closing bid price of at least $1 for a minimum of 10 consecutive business days before or on May 29, 2012.

Failing that, the company may remain listing on Nasdaq if it meets another requirement calling for a market value of publicly held shares of at least $1 million, and if all other listing requirements — excluding the $1 minimum bid condition — are met as of May 29, 2012, Rosetta said. It would then have another 180-day calendar period, or until Nov. 25, 2012, to regain compliance with the $1 minimum bid requirement.

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