NEW YORK (GenomeWeb News) – Rosetta Genomics reported late on Wednesday a 37 percent hike in first-quarter revenues, as it trimmed its net loss.
For the three months ended March 31, the Rehovet, Israel-based molecular diagnostics firm said revenues increased to $37,000 from $27,000.
Its net loss for the quarter totaled $1.8 million, or $.07 per share, down 53 percent from $3.8 million, or $.23 per share, a year ago. On a non-GAAP basis, loss per share was $.08, compared to $.22 a year ago.
The firm's R&D spending declined 38 percent to about $1 million from $1.6 million, and SG&A expenses were cut to $1.4 million from $1.9 million, a 26 percent decrease.
The company ended the quarter with $5.1 million in cash and cash equivalents.
In a statement, Kenneth Berlin, president and CEO of Rosetta Genomics, called the first quarter "significant," as the company created a foundation for the US launch of its microRNA-based diagnostic tests in several oncology markets. A month ago, the company announced the formation of a US oncology sales team with four oncology sales specialists and said that it anticipates adding staff over the coming quarters.
"We are optimistic about the opportunity for our advanced molecular diagnostic tests in the US now that we have a dedicated sales effort underway," Berlin said.
In the coming months, the company plans to launch its miRview lung test for the differentiation of neuroendocrine tumors from non-small cell lung cancer and for the sub-classification of neuroendocrine tumors into small and carcinoid, and NSCLC tumors into squamous and non-squamous.
'There is a growing market opportunity for this microRNA diagnostic test as the introduction of molecularly targeted treatments for lung cancer has made such classification increasingly important to clinicians in determining treatment plans," Berlin said.