REHOVOT, Israel, March 3, 2011 (GLOBE NEWSWIRE) -- Rosetta Green Ltd. announced that it has completed an Initial Public Offering on the Tel Aviv Stock Exchange. The company is now traded under the ticker name RSTG.
The company sold units consisting of ordinary shares, Series 1 warrants and Series 2 warrants. Overall 3,405,000 shares, 3,405,000 Series 1 warrants and 3,405,000 Series 2 warrants were sold in the offering.
"We are pleased that this IPO has come through and consider it a great accomplishment on our behalf," stated Mr. Amir Avniel, Rosetta Green's CEO. "In the current state of the company we will be able to enhance our unique platforms, expand our efforts in the field of gene discovery and gear our motives towards various commercialization efforts. In the near future, our goals are directed towards agri-biotech and biofuel activities along with strategic partner collaborations intended to develop unique products based on our exclusive capabilities."
The company is focused on unique genes called MicroRNAs. MicroRNAs function as main bio-switches that control key traits in plants. Identifying and changing the right MicroRNAs can potentially be used to develop plants with significantly improved traits. MicroRNAs are positioned high up in the regulatory network's hierarchy, functioning by regulating the activity and abundance of other genes. This places microRNAs at the very core of regulatory networks in many organisms, including plants.
Rosetta Green is developing a unique pipeline of improved plant traits and is currently discussing possible forms of collaboration and licensing arrangements with several leading companies in the agri-biotech industry. The company has several ongoing research collaborations with various companies from Israel, U.S. and Brazil. This includes companies involved in the agriculture, fiber and biofuel industries. Some of the key collaborations include improving traits in wheat, potato, banana, tomato, trees, castor beans and algae.
About Rosetta Green
Rosetta Green () focuses on identifying innovative genes called microRNAs for the agriculture and biofuel industries. The company specializes in utilizing unique genes that function as "main bio-switches" to control key processes in plants and algae. Rosetta Green uses these bio-switches to develop plants with improved traits for the biofuel and seed industries. The company has so far identified thousands of new bio-switches from economically important plants and has used its technologies to develop plants with improved drought tolerance and algae with increased oil content.
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This press release contains "forward-looking statements." These statements include words like "may," "expects," "believes," "scheduled," "potentially" and "intends," and they describe opinions about future events. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Rosetta Green Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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