NEW YORK (GenomeWeb News) - Rosetta Genomics today reported no second-quarter revenues, accompanied by a 55 percent rise in R&D spending and a 27 percent increase in net loss.
R&D spending for the three months ended June 30 increased to $1.7 million from $1.1 million in the year-ago period.
Net loss increased to $2.3 million from $1.8 million in the second quarter of 2005.
Rosetta Genomics, which went public in February, said it had around $5.4 million in cash and equivalents as of June 30.
The company's only income in the quarter, totaling $455,000, came from interest on bank deposits and marketable securities.
Separately, the company said yesterday that it has signed an agreement with Ben Gurion University, through B.G. Negev Technologies, that is focused on the development of microRNA-based therapies for "several key viruses," including the Epstein Barr and herpes simplex viruses.
"Because some viruses encode microRNAs, we believe the silencing of a viral microRNA may form the basis for a new class of drugs to treat infectious diseases," said Rosetta Genomics' CSO, Zvi Bentwich, in a statement.
Financial terms of the agreement with Ben Gurion University were not released.
In a statement today, CEO Amir Avniel said the company is advancing microRNA-based diagnostics through its pipeline and that it has recently been issued two new microRNA patents.
"We see these patent issuances as validation of our intellectual property position and believe more patents will follow in the coming months." Avniel added.