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Rosetta Genomics Announces Offerings to Raise $6M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Rosetta Genomics today announced a definitive agreement with investors for the purchase of an aggregate of $6 million in securities in concurrent private placement and registered direct offerings.

Under the terms of the private placement, the Rehovot, Israel-based molecular diagnostics company will sell an aggregate of 4,541,668 shares of its common stock at $.60 per share. Purchasers will also receive warrants to purchase up to an aggregate of 3,406,251 shares of common stock at an exercise price of $.80 per share.

The warrants are exercisable immediately upon issuance and will have a term of five years, Rosetta Genomics said.

Under the terms of the registered direct offering, the company will sell an aggregate of 5,458,671 shares of its common stock at $.60 per share. Purchasers will receive warrants to purchase up to an aggregate of 2,729,335 shares of common stock at an exercise price of $.80 per share. The warrants are exercisable upon issuance and will have a term of five years.

The closings of both offerings are expected to occur on or before Feb. 23. Rosetta Genomics did not specify how it will use the funds raised from the offerings.

Rodman & Renshaw acted as the exclusive placement agent for both offerings.

In early Thursday trade on the Nasdaq, Rosetta's shares plummeted 29 percent to $.52.

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