REHOVOT, Israel and JERSEY CITY, New Jersey, July 24 /PRNewswire-FirstCall/ -- Rosetta Genomics Ltd. (Nasdaq: ROSG), a leader in the development of microRNA-based diagnostics and therapeutics, announced today that it has successfully completed the acquisition of Parkway Clinical Laboratories Inc. ("Parkway"), a privately-held company owning a CLIA-certified lab located in Bensalem, Pennsylvania, for an aggregate purchase price of $2,900,000, consisting of $1,900,000 in cash and $1,000,000 of Rosetta's ordinary shares. An additional $300,000 will be payable upon the achievement of certain milestones. The lab owned by Parkway is an CLIA-certified clinical reference laboratory with an expected $2.7M in revenues and break-even operating income in 2008.
The acquisition is expected to allow Rosetta Genomics to expedite
development and validation of its microRNA-based diagnostic tests both in
the U.S. and worldwide. In addition, ownership of the CLIA-certified lab
will allow Rosetta Genomics to control the commercialization of its
diagnostics, including marketing, sales, and reimbursement strategy. As
previously disclosed, the first three of Rosetta Genomics' microRNA-based
tests expected to enter development and validation at Parkway's facilities
- Differentiating squamous from non-squamous non-small cell
lung cancer- This test is designed to differentiate squamous from
non-squamous non-small cell lung cancer (NSCLC) using a single
microRNA. The ability of physicians to accurately differentiate
squamous from non-squamous NSCLC is an important treatment guide.
Certain angiogenesis inhibitors for non-squamous NSCLC include a
black-box warning about substantially highe
|SOURCE Rosetta Genomics Ltd|
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