NEW YORK (GenomeWeb News) – Rosetta Genomics today said in its earnings report for the fourth quarter of 2007 that it is “solidly on target” to launch three diagnostic microRNA tests in the coming year, but as it currently has no products on the market it posted no revenues for 2007.
In addition, the company’s net loss nearly tripled as it spent more on increased R&D and selling and general expenses rose.
Rosetta is focused on developing diagnostics for squamous and non-squamous non-small cell lung cancer, mesothelioma and adenocarcinoma, and cancer of unknown primary, as well as a therapeutic for liver cancer.
Rosetta Genomics posted a net loss of $8.2 million, or $.69 per share, compared with a loss of $2.1 million, or $.82 per share, in the comparable quarter last year.
Research and development spending swelled 58 percent year over year to $2.1 million from $1.3 million, while SG&A costs rose 58 percent to $1.4 million from $895,000 year over year.
For full-year 2007, research and development spending increased 33 percent in 2007 to $6.4 million from $4.8 million, while SG&A costs rose 38 percent to $4.6 million in fiscal 2007 compared with $3.4 million the previous year.
Net loss for 2007 ballooned 93 percent to $14.7 million, or $1.32 per share, from $7.6 million, or $2.98 per share, in 2006.