NEW YORK (GenomeWeb News) – Rosetta Genomics said today it has closed its public offering, raising $27.5 million in gross proceeds.
The firm offered 5.5 million shares at $5 per share. Aegis Capital was the sole book-running manager for the offering. Rosetta granted the underwriter a 45-day option to purchase up to 825,000 additional shares to cover any overallotments.
The Israel-based developer of microRNA-based molecular diagnostics plans to use funds from the offering for general corporate purposes including repayment or refinancing of debt, capital investments, and R&D and product development efforts.
Rosetta filed a prospectus for the offering in June, at which time the company said it aimed to raise up to $35 million. Two weeks ago, it said it anticipated raising $27.7 million from an offering of 3 million shares, assuming a public offering price of $10.15 per share.
In afternoon trading on the Nasdaq, shares of Rosetta were up almost 4 percent at $4.40.