Rosetta Genomics Ltd., a leading developer of microRNA-based molecular diagnostics, today posted its financial results for the fourth quarter and 12 months ended December 31, 2010.
“2010 was a challenging but rewarding year for Rosetta Genomics, marked by achievements in a number of important areas. We streamlined our operations and cost structure, expanded our distribution into Greece, advanced miRview mets to commercial launch, fortified our patent portfolio and, importantly, regained U.S. rights to our first three commercial microRNA diagnostic tests. Moreover, we significantly expanded our scientific and clinical body of knowledge with multiple journal publications of data demonstrating the role of Rosetta’s microRNA technology as a potentially powerful biomarker and diagnostic tool,” Kenneth A. Berlin, president and CEO of Rosetta Genomics stated in the press release.
During the fourth quarter of 2010, Rosetta Genomics recorded revenues from continuing operations of $45,000, compared with $119,000 for the fourth quarter of 2010. The company’s net loss from continuing operations for the fourth quarter 2010 was $3.5 million, or $0.21 per ordinary share, compared with a net loss from continuing operations for the fourth quarter of 2009 of $4.1 million, or $0.29 per ordinary share.
Research and development expenses for the fourth quarter of 2010 declined to $1.2 million, compared with $1.7 million for the fourth quarter of 2009.
Marketing and business development expenses for the fourth quarter of 2010 were $1.6 million, slightly up from the $1.3 million reported for the fourth quarter of 2009.
General and administrative expenses for the fourth quarter of 2010 declined to $665,000, compared with $1.2 million for the fourth quarter of 2009.
The operating loss for the fourth quarter of 2010 was $3.6 million, including $329,000 of non-cash stock-compensation expense. This compares with an operating loss for the fourth quarter of 2009 of $4.1 million, including $615,000 of non-cash stock-compensation expense.
For full year 2010, the company reported revenues from continuing operations of $279,000, compared with $150,000 for the prior year period. Net loss from continuing operations for 2010 was $14.2 million, or $0.84 per ordinary share, compared with a net loss from continuing operations of $14.8 million, or $1.09 per ordinary share for 2009.
As of December 31, 2010 Rosetta Genomics reported $3.3 million in cash and cash equivalents, restricted cash, short-term bank deposit and marketable securities, compared with $10.3 million as of December 31, 2009. The year-end 2010 cash position does not include the $5.5 million in net proceeds from the concurrent private placement and registered direct offerings in February 2011.
The company also offered its expectations in the near future and gave an update on its progress in various markets.
“We are very excited about our new strategic direction for U.S. commercial operations. We are in the process of recruiting four to five independent sales representatives with an oncology focus to launch our microRNA-based diagnostic tests in several key oncology markets on the East coast. Our strategy is to focus our resources on commercializing our miRview mets tests as they address an important unmet medical need and largest, near-term market opportunity,” Berlin stated.
For more information visit www.rosettagenomics.com
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