NEW YORK (GenomeWeb News) - Rosetta Genomics today said it generated no first-quarter sales, while its R&D spending climbed 30 percent, and its net loss increased 33 percent year over year.
Rosetta, which went public in February, said that R&D spending for the three months ended March 31, 2007, increased to $1.16 million from $886,000 in the year-ago period. R&D accounted for 52 percent of the company’s spending during the quarter.
The increase in R&D spending resulted primarily from increased costs related to the purchase of tissue samples and other research materials related to its Cancer of Unknown Primary (CUP) diagnostic program, “as well as an increase in costs relating to our intellectual property and costs associated with license fees,” the company said in a statement.
General and administrative expenses increased to $680,000 from $211,000 in the first quarter of 2006. Rosetta Genomics said these higher costs were due to legal and other fees associated with its initial public offering and operation as a public company.
The company’s quarterly net loss increased to $2 million from $1.5 million in the first quarter of 2006.
Rosetta Genomics said it had around $10.8 million in cash and cash equivalents as of March 31.