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Rosetta Genomics Completes Private Placement Tranche

NEW YORK (GenomeWeb) – Rosetta Genomics announced today that it has completed the second tranche of a previously announced $5 million placement of stock and convertible debentures.

In the new tranche, the firm sold newly registered convertible debentures, which can be converted into about 2.6 million ordinary shares, for gross proceeds of $1.3 million.

In November, Rosetta said that it signed agreements with an institutional healthcare investor for the sale of roughly 1.1 million ordinary shares at $.50 each, as well as registered debentures convertible into about 6.3 million shares in a direct offering. The investor also agreed to buy unregistered debentures convertible into approximately 2.6 million ordinary shares and warrants to purchase up to 10 million common shares in a private placement. Gross proceeds from the offering were expected at approximately $5 million.

With the completion of the two tranches, Rosetta said that it has now received net proceeds of approximately $4.6 million.

Aegis Capital was the lead placement agent, and Maxim Group was the co-placement agent for the offering.

During midday trading on the Nasdaq, shares of Rosetta were up about 1.7 percent at $.46.

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