Rosetta Genomics said today that it has set up its Rosetta Green plant biotechnology business unit as a majority-owned subsidiary, with a 76 percent stake in the firm.
As part of the transaction, Rosetta Genomics has provided Rosetta Green with a license for three patent applications covering the use of its microRNAs in agricultural and clean technology applications, with a particular focus on improving feedstocks for biofuels and crops for agriculture.
Rosetta Genomics and Rosetta Green have also entered into a service agreement that allows Rosetta Green to obtain "certain research-related and additional services" from Rosetta Genomics, the company said.
Rosetta Green, which Rosetta Genomics created in late 2008 (RNAi News 11/3/2008), has raised $1.5 million in funding from outside investors and has received an undisclosed amount of funding from the Israeli Office of the Chief Scientist within the Ministry of Industry, Trade and Labor.
Rosetta Genomics said that the unit has so far identified "hundreds of unique sequences from plants and algae" that it has used to develop algae with increased oil content and plants with improved drought tolerance.
"Establishing Rosetta Green as a separate subsidiary will not only help to highlight its accomplishments going forward and create additional value for Rosetta Genomics' shareholders, but also allows Rosetta Genomics to continue its work in human health with a singular focus." said Kenneth Berlin, president and CEO of Rosetta Genomics, in a statement.