Rosetta Genomics Reports Third Quarter 2007 Financial Results
2007 NOV 19 -- Rosetta Genomics, Ltd. (NASDAQ: ROSG), a global leader in the field of microRNA, reported its consolidated financial results for the quarter and six months ended October 30, 2007, and business highlights. "During the third quarter, Rosetta Genomics experienced significant progress in the expansion of the Company's diagnostic and therapeutic development engines, as well as our proprietary microRNA technologies, further strengthening our belief that Rosetta Genomics is a leader in the microRNA field," said Amir Avniel, President and CEO of Rosetta Genomics. "Our first microRNA-based diagnostic test, designed to differentiate squamous from non-squamous lung cancers, has successfully passed the prevalidation phase at Columbia University Medical Center, and we expect to launch this diagnostic in the first half of 2008. This is the first of three products Rosetta expects to launch in 2008, and we believe these diagnostics will offer patients and clinicians an effective means to diagnose various types of cancers." "On the therapeutics front, we expect to begin in vivo studies on several microRNA leads in our liver cancer program, being conducted in collaboration with Isis Pharmaceuticals, and partially funded by the Binational Industrial Research and Development (BIRD) Foundation. We believe the interest in microRNAs from Pharma and the scientific community will continue to grow, and the expansion of our diagnostic and therapeutics pipeline, as well as our leading intellectual property position will assist us to continue and lead the microRNA revolution." Cash, Cash Equivalents, Short-term Bank Deposit and Marketable Securities and Long-Term Investments As of September 30, 2007, Rosetta had cash, cash equivalents, short-term bank deposits, marketable securities and long-term investments of $32 million, compared to $10.8 million on December 31, 2006. Due to recent developments in the credit market, we have reclassified some of our marketable securities, which are all rated AAA, as long term investments. Keywords: Diagnostics, Liver Cancer, Liver Carcinoma, Lung Cancer, Lung Neoplasms, Oncology, Therapy, Treatment, Rosetta Genomics Ltd. This article was prepared by Biotech Business Week editors from staff and other reports. Copyright 2007, Biotech Business Week via NewsRx.com.
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