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Rosetta Genomics' 2013 Revenues Rise Sharply

NEW YORK (GenomeWeb News) – Rosetta Genomics said after the close of the market on Monday that its revenues for 2013 more than doubled year over year.

The microRNA-based diagnostics firm said that revenues last year increased to $405,000 from $201,000 in 2012 as commercial activities and investments in its commercial infrastructure ticked up.

Rosetta said the net loss attributable to the company was $12.9 million, or $1.34 per share, in 2013, compared to a net loss of $10.5 million, or $2.35 per share, in 2012. On a non-GAAP basis, net loss was$1.26 per share in 2013, down from $1.74 per share in 2012.

The Rehovot, Israel-based firm used 9.6 million shares to calculate its loss-per-share figure in 2013, compared to 4.4 million shares in 2012.

Its R&D expenses increased 42 percent year over year to $1.7 million from $1.2 million, while its SG&A costs rose 61 percent to $11.3 million from $7.0 in 2012.

Rosetta said its R&D spending was up due to increased activities and an expanded pipeline. Rising advertising and marketing activities, as well as investments in the company's commercial infrastructure and increased activities resulting from the growth and expansion of the business led to the higher SG&A costs, it added.

The company ended 2013 with $16.8 million in cash and cash equivalents.

Rosetta has to date launched four tests, but it recently announced updates to its pipeline and its plans to commercialize one new assay a year as it moves a treatment for cytomegalovirus infection toward the clinic, as Gene Silencing News reported.

The tests it currently has commercially available are the Cancer Origin Test to determine the source of cancers of unknown primary origin; the Lung Cancer Test, to differentiate lung primary tumors into small cell lung cancer, carcinoid, squamous non-small cell lung cancer (NSCLC), and non-squamous NSCLC; the Kidney Cancer Test, to differentiate the four main histological types of primary kidney tumors; and the Mesothelioma Test, to differentiate malignant pleural mesothelioma from carcinomas in the lung and pleura.

"Throughout 2013 we made considerable progress in all three areas critical to long-term revenue generation, including current product sales, new product development, and third-party collaborations," Rosetta President and CEO Kenneth Berlin said in a statement. "On the commercial front we made inroads enhancing awareness and driving demand for the Rosetta Cancer Origin Test and expanded coverage through Medicare and private healthcare network providers."