Rosetta Genomics said this week that it has settled a dispute with Sanra Laboratories in connection with Rosetta’s sale of Parkway Laboratories to Sanra in 2009.
As reported by Gene Silencing News, Rosetta bought Parkway for $2.9 million in 2008 in order to pick up the expertise and infrastructure needed to begin marketing its line of microRNA-based diagnostics (GSN 6/12/2008).
Rosetta used Parkway’s CLIA certification to establish its own CLIA-certified lab where it performs its miRNA tests, and sold off Parkway to Sanra the next year for up to $2.5 million, payable over six years as a fixed percentage of revenues (GSN 5/21/2009).
This week, Rosetta said that Sanra has agreed to use its “best efforts” to pay Rosetta $625,000, in addition to all sums previously paid, to meet obligations under a stock-purchase deal inked in conjunction with the Parkway sale.
Additional terms of the settlement were not disclosed.