Rosetta Execs Move to US as Part of Expansion
Rosetta Genomics said last week that it has begun its previously announced expansion of its US operations, a move designed to help it launch its first diagnostic product next year.
As part of the expansion, Rosetta’s CEO Amir Avniel and Executive Vice President Dalia Cohen have relocated to the firm’s New Jersey offices from its Israeli headquarters.
"As we move closer to the planned launch of our first diagnostic products in 2008 and to ensure the growth and expansion of our technologies, it is critical to have our senior executives based in the US," Yoav Chelouche, Rosetta Chairman, said in a statement.
Rosetta also announced that Michael French, who joined the company in May as president of its US operations, has resigned. His duties will be assumed by Avniel, Rosetta said.
MicroRNA Researcher Awarded Samuel Waxman Cancer Research Foundation Funding
The Samuel Waxman Cancer Research Foundation said last week that it has awarded research funding to five investigative teams, including one focused on microRNA research at the Johns Hopkins Kimmel Cancer Center.
According to the non-profit foundation, Curt Civin at the Kimmel Cancer Center will receive funding for a project researching the role of miRNAs in acute leukemia.
The amount of the funding was not disclosed.
CytRx Q2 Net Loss Up on Increased R&D Costs
CytRx last week reported its second-quarter financial results, posting a higher net loss on sharply increased research and development spending.
For the quarter, the company’s net loss climbed to $6.2 million, or $0.07 per share, from $5.5 million, or $0.08 per share, in the year-ago period. The drop in loss per share is attributable to an increase in shares outstanding in this year’s second quarter versus last year’s due to the exercise of stock options and warrants.
CytRx’s revenues in the second quarter arrived at $2.4 million, compared with no revenues in the same period last year, and consisted primarily of service revenue recognized from the company’s sale of royalties on its investigational amyotrophic lateral sclerosis drug arimoclomol (see RNAi News, 1/11/2007).
R&D costs in the quarter rose to $6.3 million from $3.2 million the year before, in part due to costs associated with building up CytRx’s pure-play RNAi subsidiary RXi Pharmaceuticals.
As of June 30, CytRx had cash, cash equivalents, and short-term investments totaling $69.7 million.
CombiMatrix Finalizes Split with Acacia Research, Begins Trading on Nasdaq
CombiMatrix has completed its split from former parent company Acacia Research through a share swap and this week began trading on the Nasdaq Capital Market, the companies said.
The US Securities and Exchange Commission approved the break-up plan in June.
CombiMatrix initially filed its plan to split from Acacia in December 2006. CEO Amit Kumar said at the time that the split would enable each company to forge independent business plans, and would afford CombiMatrix the freedom to “invent ourselves with a focus on molecular diagnostics and personalized medicine.”