NEW YORK (GenomeWeb News) – Rosetta Genomics said after the close of the market on Thursday it and Precision Therapeutics have amended their co-marketing deal entered into in July 2012 and revised in October.
As amended, Rosetta has granted Precision the co-exclusive rights to market Rosetta's Cancer Origin test in the US with Rosetta, it said in a document filed with the US Securities and Exchange Commission. Precision must use "commercially reasonable efforts" to market and promote the test, which was formerly called miRview mets2.
Rosetta will record all revenues for sales of the test and is responsible for sample collection, processing, and billing.
As amended the deal has an initial term of one year and will be automatically renewed for an additional six-month period.