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Rosetta Genomics' Q3 Loss Rises 13 Percent

NEW YORK (GenomeWeb News) – Rosetta Genomics today reported that its third-quarter 2009 net loss increased 13 percent as the firm rolled out its microRNA-based tests, which it expects will provide a stream of revenues during 2010.

The Rehovot, Israel-based firm did not report any revenues for the third quarters of 2009 or 2008. Its marketing partners recently introduced the firm's first three tests.

"We completed a series of distribution and licensing agreements for our miRview mets, miRview meso and miRview squamous tests throughout the year, and we are pleased that several of our marketing partners, in recent weeks, have launched these products," Kenneth Berlin, president and CEO of Rosetta Genomics, said in a statement. "We have begun to receive the samples and process these tests, and expect sales to begin to ramp up through 2010."

He said that Rosetta expects 2010 revenues from the processing of the tests to be between $2 million and $4 million, based on the expected processing of between 1,200 and 2,400 samples.

Rosetta's net loss for the quarter ended Sep. 30 was $3.4 million, or $.24 per share, compared to a net loss of $3 million, or $.24 per share, for the third quarter of 2008.

The company's R&D expenses declined 15 percent to $1.7 million from $2 million year over year. It said that the decrease was due to steps that it took to reduce costs.

Its marketing and business development expenses were $825,000 for the third quarter of 2009, up from $519,000 for the third quarter of 2008, and its general and administrative expenses increased to $858,000 from $691,000 year over year.

Rosetta finished the quarter with $13.5 million in cash, cash equivalents, short-term bank deposits and marketable securities.