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Rosetta Genomics Reports First Revenues in Q3

NEW YORK (GenomeWeb News) – Rosetta Genomics today reported quarterly revenues for the first time driven by receipts from Parkway Clinical Laboratories, which Rosetta acquired for $2.9 million this past summer.
 
The Rehovot, Israel-based developer of microRNA-based tests and therapeutics reported revenues of $705,000 for the three-month period ended Sept. 30. All of the revenues came from Parkway, which Rosetta purchased to help expedite development and validation of its first microRNA-based diagnostic tests.
 
Rosetta is gearing up to launch its first microRNA-based tests for cancer. It is developing tests for differentiating squamous versus non-squamous non-small cell lung cancer, for differentiating between mesothelioma and adenocarcinoma, and for cancer of unknown primary.
 
The firm’s net loss for the quarter was $3 million, or $.25 per share, compared to a net loss of $2.2 million, or $.18 per share, for the third quarter of 2007.
 
Rosetta’s R&D costs increased 43 percent to $2 million from $1.4 million year over year. Its marketing, business development, general, and administrative spending rose 25 percent to $1.5 million from $1.2 million.
 
Rosetta finished the quarter with around $10 million in cash and cash equivalents.
 
Following the end of the third quarter, Rosetta announced that it had secured $1.5 million in funding from undisclosed private investors to fund a new microRNA-based plant biotechnology project.
 
It also said that as part of a settlement with the Attorney General of the State of New York and the North American Securities Administrators Association Task Force, investment banking firm Credit Suisse agreed to repurchase $7.4 million worth of auction rate securities held by Rosetta. The firm previously took a $7.4 million impairment charge related to the securities, which experienced multiple failed auctions due to a lack of liquidity in the markets for ARS.
 
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