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Rosetta Genomics' H1 2012 Revenues Slide 14 Percent

NEW YORK (GenomeWeb News) – Rosetta Genomics' first-half 2012 revenues saw a 14 percent drop year over year, the company reported after the close of the market on Friday.

During the first six months of the year, the Israel-based molecular diagnostics firm reported $51,000 in revenues, down from $59,000 a year ago.

Its R&D expenses were sliced to $740,000 from $1.9 million in H1 2011, while SG&A costs were lowered to $2.5 million $2.6 million.

The loss from continuing operations rose to $6.6 million, or $5.35 per share, from a loss of $3.7 million, or $8.34 per share, a year ago. The company used more than 1.2 million shares to calculate its loss-per-share figure for the currently completed period, compared to 448,448 shares in the year-ago period.

In June, the company raised $6 million in a direct offering, bringing it in compliance with a Nasdaq listing requirement calling for a minimum of $2.5 million in stockholder equity.
It began the year by raising $1.75 million in a private placement.

The company also achieved compliance with another listing requirement of a closing bid price on its stock of at least $1 during the half-year, and in the spring it received a positive Medicare coverage decision for its miRview mets2 assay.

Rosetta Genomics ended the first six months of the year with $6.5 million in cash and cash equivalents. In August, it raised $31.6 million in gross proceeds from a public offering.

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