NEW YORK (GenomeWeb News) – Rosetta Genomics today announced that its second-quarter revenues increased to $70,000 from $14,000 year over year.
The Rehovot, Israel-based developer of microRNA-based tests currently has three tests on the market: miRview meso, which differentiates lung cancer from mesothelioma; miRview mets, which is designed to determine the source of cancers of unknown primary origin; and miRview squamous, which is designed to differentiate squamous from non-squamous non-small cell lung cancer.
"We are encouraged by the commercial progress we made in the second quarter, with the number of tests performed up more than 170 percent compared with the immediately preceding quarter," Rosetta President and CEO Kenneth Berlin said in a statement.
The firm's net loss from continuing operations was $4.2 million, or $.25 per share, for the three-month period ended June 30, compared to a net loss from continuing operations of $3.8 million, or $.28 per share, for Q2 2009.
Rosetta's R&D expenses increased 36 percent to $1.9 million from $1.4 million, which it attributed to an increase in expenses related to compensation. Its SG&A spending was up around 19 percent at $2.5 million versus $2.1 million.
The firm finished the quarter with $7.7 million in cash and cash equivalents, short-term bank deposit, and marketable securities.
"Our next generation miRview mets test will be launched outside the United States by the end of this year and miRview lung will be ready for commercialization in the first half of 2011, six months earlier than initially projected," Berlin said. "In addition, miRview bladder remains on track to launch in the second half of 2011."