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Rosetta Genomics' H1 2011 Revenues Fall 39 Percent

NEW YORK (GenomeWeb News) – Rosetta Genomics' first-half 2011 revenues fell 39 percent year over year, the Israeli microRNA-based molecular diagnostics company reported after the close of the market on Friday.

In a document filed with the US Securities and Exchange Commission, it said that revenues for the first six months of the year came in at $59,000, down from $97,000 a year ago.

Its net loss for the period was cut by 41 percent to $4.5 million, or $.62 per share, from $7.6 million, or $1.88 per share, a year ago, however.

The firm's R&D spending for the six months slid 36 percent to $2.3 million from $3.6 million a year ago, while SG&A costs dropped 23 percent to $3.3 million from $4.3 million.

It ended the half-year with $3.1 million in cash and cash equivalents.

The company has struggled with its finances and in July carried out a one-for-four reverse stock split in order to continue listing on Nasdaq, which had threatened to delist it for failing to satisfy a requirement calling for a minimum $1 per share price.

In its SEC filing, Rosetta said that it is "addressing its liquidity issues by implementing initiatives … [that] include a potential equity financing and costs reduction."