PHILADELPHIA, PA and REHOVOT, ISRAEL / ACCESSWIRE / November 30, 2017 / Rosetta Genomics Ltd. (NASDAQ: ROSG), a genomic diagnostics company that improves treatment decisions by providing timely and accurate diagnostic information to physicians, announces that on November 28, 2017, the Company received a notification letter from The NASDAQ Stock Market ("NASDAQ") notifying the Company that it is not in compliance with the NASDAQ Listing Rule 5550(a)(2) (the "Bid Price Rule"). The letter indicated that for the past 30 consecutive business days, the Company's closing bid price per share of its ordinary shares were below the $1.00 minimum bid price requirement for continued listing on NASDAQ, as reported in the Company's Form 6-K filed with the Securities and Exchange Commission (the "SEC") on November 30, 2017.
NASDAQ has provided the Company with 180 calendar days, or until May 29, 2018, to regain compliance with the Bid Price Rule. To regain compliance with the Bid Price Rule, the closing bid price of the Company's ordinary shares must meet or exceed $1.00 per share for a minimum of ten consecutive business days during the 180-day grace period. If the Company's ordinary shares do not regain compliance with the Bid Price Rule during the initial grace period, it may be eligible for an additional grace period of 180 calendar days provided that the Company satisfies NASDAQ's initial listing standards, other than the minimum bid price requirement, and provides written notice to NASDAQ of its intention to rectify the delinquency during the second grace period.
If the Company does not regain compliance during the initial grace period and is not eligible for an additional grace period, NASDAQ will provide written notice that the Company's ordinary shares are subject to delisting from The NASDAQ Capital Market. In that event, the Company may appeal such determination to a hearings panel. In the event of an appeal, the Company's securities would remain listed on The NASDAQ Capital Market pending a decision by the Hearings Panel following the hearing.
Although the Company is determined to regain compliance within the initial 180-day grace period, there is no assurance that the Company will regain compliance with the Bid Price Rule in that given period.
About Rosetta Genomics
Rosetta is pioneering the field of molecular diagnostics by offering rapid and accurate diagnostic information that enables physicians to make more timely and informed treatment decisions to improve patient care. Rosetta has developed a portfolio of unique diagnostic solutions for oncologists, urologists, endocrinologists, cytopathologists and other specialists to help them deliver better care to their patients. RosettaGX RevealTM, a Thyroid microRNA Classifier for classifying indeterminate thyroid nodules, as well as the full RosettaGX® portfolio of cancer testing services are commercially available through the Company's Philadelphia, PA- and Lake Forest, CA-based CAP-accredited, CLIA-certified labs.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future expectations, plans and prospects containing the words "expect," "believe," "will," "may," "should," "project," "estimate," "anticipated," "scheduled," and like expressions, and the negative thereof, constitute 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 risks and uncertainties, including, but are not limited to the following: we will require substantial additional funds to continue our operations and, if additional funds are not available, we may need to significantly scale back or cease our operations; we have a history of losses and may never be profitable; if we are unable to expand sales of our diagnostic tests in the United States, it would have a material adverse effect on our business and financial condition; if we are unable to find profitable strategic alternatives for our PersonalizeDx diagnostic testing and services business, it would have a material adverse effect on our business and financial condition; the intensely competitive biotechnology market could diminish demand for our tests and products; the market may not be receptive to any diagnostic tests or therapeutic products using our microRNA technology; we currently have limited sales, marketing or distribution experience and may in the future depend significantly on third parties to commercialize microRNA-based diagnostic tests or therapeutic products we may develop; we are largely dependent upon our distributors for the success of commercialization of our current diagnostic tests; health insurers and other third-party payors may decide not to cover our diagnostic products or may provide inadequate reimbursement, which could jeopardize our commercial prospects; because of Medicare billing rules, we may not receive reimbursement for all tests provided to Medicare patients; if we fail to comply with our obligations under any licenses or related agreements, we could lose license rights that may be necessary for developing microRNA-based diagnostics and therapeutics; if we fail to comply with the complex federal, state, local and foreign laws and regulations that apply to our business, we could suffer severe consequences that could materially and adversely affect our operating results and financial condition; we contract with a single manufacturer for the purchase of microarray chips for certain tests, and the failure of this manufacturer to supply sufficient quantities on a timely basis could have a material adverse effect on our business; and other risk factors discussed under the heading "Risk Factors" in Rosetta's most recently filed Annual Report on Form 20-F, as 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.
Rosetta Genomics Contact:
Ken Berlin, President & CEO
(267) 298-1159
investors@rosettagx.com
Rosetta Genomics Investor Contact:
LHA Investor Relations
Anne Marie Fields
212-828-3777
afields@lhai.com
SOURCE: Rosetta Genomics Ltd.
