Rosetta Genomics (ROSG) Enters Settlement with Sanra Labs

April 18, 2013 9:02 AM EDT Send to a Friend
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Rosetta Genomics Ltd. (Nasdaq: ROSG) 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.


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