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Rosetta Q3 Revenues Up on PersonalizeDx Acquisition

NEW YORK (GenomeWeb) – Rosetta Genomics today announced a nearly 800 percent jump in third quarter revenues from continuing operations as the company benefitted from the sale of products from PersonalizeDx, a molecular diagnostics firm acquired in April.

For the three-month period ended Sept. 30, Rosetta's revenues from continuing operations increased to $2.4 million from $273,000 in the same period last year.

Q3 revenues from Rosetta's core tumor testing services business, which includes its microRNA-based Cancer Origin Test, increased to $1.1 million from $273,000. Meanwhile, its urologic cancer testing services operations, which were acquired through the PersonalizeDx deal, generated revenues of $1.3 million in the quarter.

Rosetta's net loss in the quarter rose to $3.9 million, or $.27 a share, from $3.4 million, or $.29 a share, the year before.

Third quarter R&D spending increased to $586,000 from $482,000, while SG&A costs climbed to $3.6 million from $2.8 million as Rosetta prepares for the launch of RosettaGX Reveal, an miRNA-based assay for the classification of indeterminate thyroid nodules. 

As of the end of September, Rosetta had cash, cash equivalents, restricted cash, and short- and long-term bank deposits totaling $10.3 million. In October, the company raised $7.4 million through a private placement of shares and warrants. 

During midday trading on the Nasdaq, shares of Rosetta were down $.06 at $1.32.