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Rosetta Genomics to Sell $1.9M in Securities, Inks miRNA Dx Distribution Deal for China

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Rosetta Genomics this week announced that it has signed a definitive agreement to sell $1.9 million in stock and warrants in a private placement.

The money comes at a key time for the company, which has been struggling under a cash crunch that led to a restructuring that will include the elimination of more than half its staff (see related story, this issue).

Separately this week, Rosetta said that it has forged a deal giving Avatao Biotech the exclusive rights to market its miRview Mets and miRview Mets 2 microRNA diagnostics, which are used to determine the source of cancers of unknown primary origin, in China.

Under the terms of the private placement, Rosetta will sell roughly 2.6 million ordinary shares at $0.75 each, as well as warrants to purchase an additional 2.6 million shares at $1 each, to private investors. The investors will also receive warrants to buy up to 1.3 million additional shares at an exercise price of $0.01 or NIS 0.04, whichever is greater.

Through the diagnostics deal, Avatao will have the rights to sell the two products in China, as well as Hong Kong, Taiwan, and Macau. Rosetta will receive undisclosed upfront payments, fees upon the achievement of certain regulatory and commercial milestones, and royalties on net sales.

Total payments, including royalties, could exceed $8 million, Rosetta said.

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