NEW YORK (GenomeWeb News) – Rosetta Genomics today reported that its first-quarter net loss nearly doubled year over year as the firm gears up for initial diagnostic product launches.
The Rehovot, Israel-based firm had no revenues for the three-month period ended March 31. The firm expects to have its initial microRNA-based diagnostic tests for cancer approved for use in CLIA labs by the end of this year.
Specifically, it plans to seek regulatory approval later this year for CLIA tests for cancer of unknown primary and for differentiating between mesothelioma and adenocarcinoma.
Rosetta’s net loss increased to $3.9 million, or $.33 per share, from $2 million, or $.23 per share, in the first quarter of 2007.
The firm’s R&D expenses doubled to $2.4 million from $1.2 million, and its costs for marketing, business development, and general and administrative functions rose 26.4 percent to $1.34 million from $1.06 million.
Rosetta finished the quarter with $9.5 million in cash and cash equivalents.