Rosetta Genomics has Signed a Binding Term Sheet to Acquire Parkway
Clinical Laboratories Inc., a Company Owning a Clinical Laboratory
Improvement Act (CLIA) Certified Lab The Acquisition is Intended to Significantly Streamline the Development and
Commercialization of Rosetta Genomics' microRNA-based Diagnostics Owning a CLIA-certified Lab Will Provide Rosetta Genomics With the Freedom it Needs to Market and Sell its microRNA-based Tests in the U.S. and Around
REHOVOT, Israel and JERSEY CITY, New Jersey, June 11 /PRNewswire-FirstCall/ -- Rosetta Genomics Ltd. (Nasdaq: ROSG), a leader in the development of microRNA-based diagnostics and therapeutics, announced today that it has signed a binding term sheet to acquire Parkway Clinical Laboratories Inc. ("Parkway"), a privately-held 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 closing of the acquisition is subject to (i) satisfactory completion of financial, accounting, operating, legal and regulatory due diligence by Rosetta, (ii) receipt of all necessary approvals and consents and (iii) negotiation and execution of a definitive purchase agreement and related agreements. Parkway owns an emerging national CLIA-certified clinical reference laboratory with an expected $3M in revenues and marginal operating income in 2008.
"The acquisition of Parkway Clinical Laboratories is an important
strategic addition for Rosetta Genomics which we anticipate will enable us
to expedite the commerc
|SOURCE Rosetta Genomics Ltd|
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