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Rosetta's First-Half 2015 Revenues Rise on PersonalizeDx Acquisition

NEW YORK (GenomeWeb) – Rosetta Genomics reported yesterday after the close of the market a more than 300 percent rise in revenues from continuing operations in the first half of 2015, reflecting the contribution of PersonalizeDx, a molecular diagnostics firm acquired in April.

For the six months ended June 30, Rosetta reported revenues from continuing operations were $2.3 million, compared with $554,000 in the same period a year earlier. The rise includes a 25 percent increase in sales of Rosetta's core microRNA-based diagnostic assays over the first half of 2014.

Pro forma consolidated revenues, assuming a full six months of PersonalizeDx operations, were $4.2 million.

“In addition to the PersonalizeDx acquisition, we achieved a number of important milestones during the first half of the year that bolster our commercial offerings," Rosetta CEO Kenneth Berlin said in a statement. "We have significantly strengthened and expanded our patent portfolio, which protects our global leadership position in microRNA technology and provides opportunities to monetize certain assets. We launched seven new molecular tests so far this year, which we expect will add to our revenue base and enhance our leadership in molecular diagnostic testing."

Rosetta's net loss for the first six months of the year fell slightly to $6.7 million, or $.49 a share, from $7.2 million, or $.66 a share.

Research and development spending increased to $1.4 million from $1 million, primarily due to activities around Rosetta's miRNA-based thyroid assay. 

Meanwhile, marketing and business development costs climbed to $4.1 million from $3.4 million, and general and administrative costs increased $1 million to $3.6 million, both as a result of the firm's larger commercial footprint following the PersonalizeDx acquisition.

At the end of June, Rosetta had $14.5 million in cash, cash equivalents, restricted cash, and short- and long-term bank deposits. Earlier this month, the company raised $7.4 million through a private placement of shares and warrants.

Rosetta said that it expects its current cash runway to extend into the first quarter of 2017.