Rosetta Genomics to raise $2 million in private stock sale
Rosetta Genomics (NASDAQ:ROSG) announced it is selling $1.9 million in securities in a private placement following a restructuring intended to reduce operating expenses announced earlier this week.
The company is a developer and provider of microRNA-based molecular diagnostics and is headquartered in Rehovot, Israel with offices in Philadelphia.
Earlier this week the company announced a restructuring aimed at reducing annual operating expenses by $4.2 million that will cut 35 jobs by early November. The Philadelphia offices are not expected to be affected by the layoffs.
“With the recent launch of our U.S. oncology sales force, our emphasis has shifted from research and development to product commercialization,” said Kenneth A. Berlin, president and CEO of the company. “The elimination of these positions will allow us to concentrate our resources on growing sales of our miRview mets2 and miRview lung and other microRNA diagnostics in the U.S.”
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