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Rosetta Prices 5.5M Share Offering

NEW YORK (GenomeWeb News) – Rosetta Genomics has priced a public offering of 5.5 million shares of common stock at $5 per share, the firm said today.

The microRNA diagnostics developer said it expects gross proceeds from the offering to be around $27.5 million. It expects to close the financing on or around Aug. 8, and it has granted underwriters an option to purchase 825,000 shares to cover over-allotments.

Rosetta said it would use proceeds to fund operations and general corporate purposes, as well as to repay debt, provide working capital, defend its intellectual property, and support R&D efforts, among other uses.

Rosetta's shares were down 15 percent at $4.90 in Friday morning trade on the Nasdaq.

Its stock price has fallen sharply over the past two weeks, and was down 31 percent for the month of July. The recent decline follows a jump in the firm's shares in late May after it had effected a one-for-15 reverse split, enabling the firm to regain Nasdaq compliance.

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