NEW YORK (GenomeWeb) – Rosetta Genomics reported after the close of the market on Wednesday a sharp increase in its revenues for the first half of 2014.
For the six months ended June 30, the miRNA-based molecular diagnostics firm posted $553,779 in revenues, up from $193,012 in the first half of 2013. The company attributed the uptick to growing awareness of and demand for the Rosetta Cancer Origin Test but did not provide details.
Highlights for the period included a collaboration with the Moffitt Cancer Center on the development of a miRNA-based diagnostic for thyroid neoplasia, and a deal with Marina Biotech focused on miRNA diagnostics and drug discovery and development targeting neuromuscular diseases and dystrophies. Rosetta also increased the number of payors covering its products.
After discontinued operations, the firm had a net loss of $7.2 million, compared to a net loss of $6.3 million a year ago. On a non-GAAP basis, Rosetta had a net loss of $6.7 million, or $.62 per share, compared to a net loss of $5.9 million, or $.64 per share in the year-ago period. The company used 10.8 million shares to calculate its per-share loss in H1 2014 and 9.2 million shares in H1 2013.
Its R&D expenses were up 14 percent year over year to $1.0 million from $877,000, while its SG&A costs increased 7 percent to $6.0 million from $5.6 million.
Rosetta exited the first half of the year with $9.1 million in cash and cash equivalents.
In a statement Rosetta President and CEO Kenneth Berlin called H1 2014 "a particularly productive period for [the firm] as we made meaningful advances across the three key areas for growth, namely current product sales, new product development, and third-party collaborations."
He added that the company remains on track to start final validation of its thyroid neoplasia assay in early 2015 and to launch it in the third quarter of next year. Work is also progressing on the company's miRNA diagnostic for therapy guidance for bladder cancer patients and plans to launch the test in 2016. Rosetta is exploring other oncology indications through early proof-of-concept studies in 2015, Berlin added.
In morning trading on Thursday on the Nasdaq, shares of Rosetta were up 4 percent at $5.11.