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Rosetta Genomics' 2012 Revenues Nearly Double

NEW YORK (GenomeWeb News) – Rosetta Genomics reported after the close of the market on Friday that its revenues for full-year 2012 nearly doubled year over year.

Rosetta also announced a deal with Cantor Fitzgerald to serve as its agent in the sale of up to $5.9 million of its stock.

For the 12 months ended Dec. 31, 2012, revenues totaled $201,000, up from $103,000 a year ago, the Israel-based firm said in a document filed with the US Securities and Exchange Commission. The increase resulted mostly from the firm's increased commercial activities and investments in its commercial infrastructure, it added.

Net loss for the year attributable to Rosetta was $10.5 million, or $2.35 per share, compared to a net loss of $8.8 million, or $17.40 per share, a year ago. Rosetta used 4.4 million shares to calculate its net loss per share for 2012 compared to 507,622 shares in 2011.

In August the firm raised $31.6 million in a public offering of its stock.

Rosetta slashed its R&D spending in 2012 to $1.2 million from $3.4 million in 2011, a result of restructuring efforts in 2011, it said in its SEC document.

The firm's SG&A spending rose 35 percent, however, to $7.0 million from $5.2 million as the company increased its commercial activities and investments in its commercial infrastructure. Corporate activities due to the growth and expansion of the company also contributed to the SG&A uptick.

Rosetta ended 2012 with $30.8 million in cash and cash equivalents, and $34,000 in restricted cash.

Separately, Rosetta announced an agreement with Cantor Fitzgerald for the sale of up to $5.9 million of its common stock from time to time.

Rosetta plans to use proceeds from the offering for operations and general corporate purposes, it said.

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