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Rosetta Genomics to Raise $2.2M in Direct Offering

NEW YORK (GenomeWeb News) – Rosetta Genomics today said that it has entered into definitive agreements with investors to purchase $2.2 million worth of its stock.

Under the registered direct offering, the firm will sell 632,057 ordinary shares at $3.50 per share. The offering is expected to close on or around May 22.

The firm, which makes microRNA-based molecular diagnostic products, said that proceeds from the offering will be used to fund its operations and for general corporate purposes including repaying or refinancing existing debt, working capital, intellectual property protection and enforcement, and capital expenditures, among other potential uses.

Rosetta's shares closed up more than 200 percent yesterday after the firm announced that a Medicare contractor has informed the firm that it plans to cover its miRview mets2 assay for all Medicare beneficiaries.

In early Thursday trade on the Nasdaq Rosetta's shares were down 9 percent at $4.52.

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