NEW YORK (GenomeWeb News) — Rosetta Genomics today released its first earnings statement as a new public company, saying it generated no revenues in the fourth quarter, R&D spending increased 30 percentl, and net losses increased 16 percent.
R&D spending for the three months ended Dec. 31, 2006, increased to $1.3 million from $1 million in the year-ago period.
The company said net loss increased to $2.1 million from $1.8 million in the fourth quarter of 2005.
Rosetta, which went public last month, said it had around $5.2 million in cash and equivalents as of Dec. 31.
The company said it is collaborating with Isis pharmaceuticals for a micro-RNA-based therapeutic for liver cancer, and said it has agreements in place with Max-Planck-Innovation, the Rockefeller University and Johns Hopkins University.