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news.Prometheus Laboratories, a specialty pharmaceutical and diagnostic company, and Rosetta Genomics, a molecular diagnostic company, have signed a licensing and collaboration agreement under which Rosetta shall grant Prometheus US rights to three recently introduced, microRNA-based cancer diagnostic tests: miRview mets, miRview squamous and miRview meso.
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The terms of the licensing agreement provide for payments to Rosetta, either as milestones or R&D funding, as well as royalty payments on net sales in the US.
Under the terms of a separate stock purchase agreement, Prometheus will also make an equity investment in Rosetta of $8 million at $4 per ordinary share, representing an approximate 41% premium over the closing price of Rosetta stock over three business days. The licensing and collaboration agreement and the stock purchase agreement are expected to close before the end of April 2009 and are subject to customary closing conditions.
In addition, Prometheus and Rosetta have agreed to collaborate to develop two new microRNA-based gastroenterology tests, which may result in additional, success-based milestones and royalty payments to Rosetta. Funding for development of these gastroenterology tests will be provided by Prometheus.
Joseph Limber, president and CEO of Prometheus, said: “We believe these three molecular diagnostic tests can help oncologists personalize therapy and are ideally suited to lead our entry into the oncology market, while complementing our emerging internal oncology diagnostics program.”