Courtesy of Benzinga.
Rosetta Genomics, Ltd. (NASDAQ: ROSG) announces that it has entered into a Share Transfer Agreement with certain purchasers, pursuant to which it has sold all of the ordinary shares of Rosetta Green Ltd. (“Rosetta Green”) it held. Prior to the transaction, Rosetta Genomics owned approximately 50.03% of the outstanding ordinary shares of Rosetta Green, which is publicly traded on the Tel Aviv Stock Exchange under the symbol “RSTG.”
Under the terms of the Agreement, Rosetta Genomics received an upfront payment of $900,000 for the Rosetta Green ordinary shares. In addition, Rosetta Genomics could be entitled to a payment of $2,000,000 if Rosetta Green is acquired within three years and if certain other conditions are met in connection with such acquisition.
“We are pleased to monetize our ownership in Rosetta Green as it provides some important, non-dilutive funding as we continue to work to improve our cash position so as to expand the commercialization of our leading edge microRNA diagnostics tests in oncology and to advance the development of our blood-based, microRNA biomarkers for heart failure prognosis,” stated Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics.
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