Rosetta Genomics Reaches Settlement Agreement with Sanra Laboratories in
Connection with Previous Sale of Parkway Clinical Laboratories
PHILADELPHIA and REHOVOT, Israel, April 18, 2013
PHILADELPHIA and REHOVOT, Israel, April 18, 2013 /PRNewswire/ --Rosetta
Genomics Ltd. (NASDAQ: ROSG), a leading developer and provider of
microRNA-based molecular diagnostics, today announced that the Company has
negotiated a settlement with Sanra Laboratories ("Sanra") in connection with
the previous sale of Parkway Clinical Laboratories ("Parkway") by Rosetta
Genomics to Sanra. Under the agreement, Sanra will undertake their best
efforts to pay Rosetta Genomics $625,000, in addition to all sums previously
paid by them, for total consideration of all their obligations according to
the stock purchase agreement entered into in May 2009, of which amount Sanra
has already paid $10,000 as an upfront payment.
On July 22, 2008, through Rosetta Genomics Inc., the Company purchased all of
the shares of Parkway Clinical Laboratories, Inc., a privately held
Pennsylvania corporation owning a CLIA-certified laboratory. With its CLIA
certification, Parkway helped Rosetta Genomics to obtain CLIA certification
for its laboratory in Philadelphia, Pennsylvania. Parkway remained an
indirect, wholly-owned subsidiary until May 18, 2009, when the Company sold
Parkway to Sanra for up to $2.5 million, to be paid as a fixed percentage from
the revenues over six years.
About miRview^® Testing Services
miRview^® assays are a series of microRNA-based diagnostic testing services
offered by Rosetta Genomics. miRview^® mets² accurately identifies the primary
tumor type in primary and metastatic cancer including cancer of unknown or
uncertain primary (CUP). miRview^® meso diagnoses mesothelioma, a cancer
connected to asbestos exposure. miRview^® lung accurately identifies the four
main subtypes of lung cancer using small amounts of tumor cells. miRview^®
kidney accurately classifies the four most common kidney tumors: clear cell
renal cell carcinoma (RCC), papillary RCC, chromophobe RCC and oncocytoma.
miRview^® assays are designed to provide objective diagnostic data; it is the
treating physician's responsibility to diagnose and administer the appropriate
treatment. In the U.S. alone, Rosetta Genomics estimates that 200,000
patients a year may benefit from the miRview^® mets² assay, 60,000 from
miRview^® meso, 65,000 from miRview^® kidney and 226,000 patients from
miRview^® lung. The Company's assays are offered directly by Rosetta Genomics
in the U.S., and through distributors around the world. For more information,
please visit www.mirviewdx.com. Parties interested in ordering the test can
contact Rosetta Genomics at (215) 382-9000 ext. 309.
About Rosetta Genomics
Rosetta develops and commercializes a full range of microRNA-based molecular
diagnostics. Founded in 2000, Rosetta's integrative research platform
combining bioinformatics and state-of-the-art laboratory processes has led to
the discovery of hundreds of biologically validated novel human microRNAs.
Building on its strong patent position and proprietary platform technologies,
Rosetta is working on the application of these technologies in the development
and commercialization of a full range of microRNA-based diagnostic tools.
Rosetta's miRview® testing services are commercially available through its
Philadelphia-based CAP-accredited, CLIA-certified lab. Frost & Sullivan
recognized Rosetta Genomics with the 2012 North American Next Generation
Diagnostics Entrepreneurial Company of the Year Award.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future expectations,
plans and prospects, including without limitation, statements relating
toRosetta's receipt of funds from Sanra, Rosetta's development or
commercialization of molecular diagnostics, the market acceptance of Rosetta's
miRview^®assays,particularly miRview^®mets^2, Rosetta's capitalization of
its microRNA platform, Rosetta's patent positionand Rosetta's development of
personalized medicine products and servicesconstitute forward-looking
statements for the purposes of the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. Actual results may differ materially
from those indicated by these forward-looking statements as a result of
various important factors, including those risks more fully discussed in the
"Risk Factors" section of Rosetta's Annual Report on Form 20-F for the year
ended December 31, 2012as filed with the SEC. In addition, any
forward-looking statements represent Rosetta's views only as of the date of
this release and should not be relied upon as representing its views as of any
subsequent date. Rosetta does not assume any obligation to update any
forward-looking statements unless required by law.
Ken Berlin, President & CEO
(215) 382-9000, ext. 326
Anne Marie Fields
SOURCE Rosetta Genomics Ltd.
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