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Rosetta Genomics Posts $2.2M Net Loss for Q3

NEW YORK (GenomeWeb News) – Rosetta Genomics today posted a net loss of $2.2 million, flat with last year’s third-quarter net loss, with no revenue reported for the three-month period ended Sept. 30.
 
The firm’s R&D expenses also were flat with the comparable period last year at $1.4 million.
 
“Our first microRNA-based diagnostic test, designed to differentiate squamous from non-squamous lung cancers, has successfully passed the prevalidation phase at Columbia University Medical Center, and we expect to launch the diagnostic in the first half of 2008,” said Amir Avniel, president and CEO of Rosetta.
 
He noted that the firm expects to launch a total of three diagnostics next year aimed at diagnosing various cancers.
 
Rosetta also expects to begin in vivo studies of several microRNA leads in its liver cancer program, which is being conducted under a collaboration with Isis Pharmaceuticals, said Avniel.
 
The company finished the quarter with $4.5 million in cash and cash equivalents.

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