Sanra Pays Full Settlement to Rosetta (ROSG)

May 10, 2013 8:31 AM EDT Send to a Friend
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Rosetta Genomics Ltd. (NASDAQ: ROSG) announces receipt of $625,000 as payment in full from the negotiated settlement announced on April 18, 2013 with Sanra Laboratories (Sanra) in connection with the Company's sale to Sanra of Parkway Clinical Laboratories (Parkway).

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. 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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