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Rosetta Genomics to Restructure, Cut 20 Percent of Workforce

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Rosetta Genomics today announced that it will undertake a restructuring that is expected to reduce the company's monthly burn rate 32 percent.

The restructuring will include trimming the firm's global workforce by 20 percent, or 14 positions, primarily in research and development and general and administrative positions. In addition, the Rehovot, Israel-based microRNA test maker said that all of its remaining employees will move to a four-day work week and take a 20 percent cut in salary. Rosetta said that most of the measures go into effect immediately, and all of them will be in effect by early December.

The firm believes that as a result of these steps it will have sufficient cash and cash equivalents to fund its operations through March 2011.

"Over the years Rosetta Genomics has invested significantly in the development of our proprietary microRNA technology platform, and today we have a robust portfolio of diagnostic tests on the market, nearing commercial launch and in development," Rosetta President and CEO Kenneth Berlin said in a statement. "We are undertaking these cost-saving measures to ensure that the company has sufficient financial resources to implement its growth strategy through to key inflection points, including new product launches, license agreements, and potential partnerships that would provide the company with additional cash infusions."

The firm intends to proceed with its planned launches of second-generation miRview diagnostic tests.

Rosetta 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.

Last month, the firm reported second-quarter revenues increased to $70,000 from $14,000 year over year. It also listed $7.7 million in cash and cash equivalents, short-term bank deposit, and marketable securities, as of June 30.

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