Rosetta Genomics Ltd, a developer of microRNA-based molecular diagnostics, announced that it has completed its registered direct offering with several institutional investors of approximately $5.1 million of securities. Rosetta has received net proceeds of approximately $4.5 million after deducting placement agent fees and other offering expenses. Under the terms of the financing Rosetta has sold 2,530,000 units, consisting of an aggregate of 2,530,000 ordinary shares and warrants to purchase 1,265,000 additional ordinary shares. Each unit, consisting of one ordinary share and a warrant to purchase 0.50 of an ordinary share, was sold for a purchase price of $2.00.
The warrants to purchase additional shares are exercisable at an exercise price of $2.50 per share immediately and will expire on January 19, 2015. Proceeds from the transaction will be used for general corporate purposes, including, but not limited to, repayment or refinancing of existing indebtedness or other corporate borrowings, working capital, intellectual property protection and enforcement, capital expenditures, investments, acquisitions or collaborations, research and development and product development.
“We are very excited about the potential for our proprietary microRNA technology to enhance human health and, among other uses, this financing will help to advance the development of our product pipeline, particularly our five near term diagnostic tests,” said Kenneth A. Berlin, president and chief executive officer of Rosetta Genomics.
Source: Rosetta Genomics, Ltd
