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Rosetta Genomics Reports Second Quarter 2010 Financial Results

Rosetta Genomics, Ltd. (NASDAQ: ROSG), a leading developer of microRNA-based molecular diagnostics, today reported financial results for the three and six months ended June 30, 2010. Highlights of activities since the announcement of the Company’s first quarter financial results on May 27, 2010 include:

  • Establishment of Rosetta Green as a majority-owned subsidiary with Rosetta Genomics holding a 76% ownership position in the new company. Rosetta Genomics has signed a license agreement with Rosetta Green providing for the use of its microRNAs by Rosetta Green in agricultural and clean technology applications, with a particular focus on improving feedstocks for biofuels and crops for agriculture.
  • New, interim data from a study conducted in collaboration with researchers from the University of Texas, M. D. Anderson Comprehensive Cancer Center were presented at ASCO 2010. The data demonstrated the ability of miRview™ mets to identify the most likely origin of metastases in Cancer of Unknown Primary.
  • Clalit Health Services, Israel's largest and the world's second largest health maintenance organization, established a reimbursement coverage policy for Rosetta Genomics' miRview™ mets test.
  • Publication of a peer-reviewed article in the online version of the Journal of Molecular Diagnostics demonstrated the ability of microRNAs to accurately identify four histological types of renal tumors, namely clear cell, papillary and chromophobe renal cell carcinoma, as well as oncocytoma, a benign tumor.
  • Exclusive distribution agreement for three of Rosetta Genomics' diagnostic tests signed with Genekor S.A, a leading molecular diagnostic service provider in Greece.

Management Commentary

“We are encouraged by the commercial progress we made in the second quarter, with the number of tests performed up more than 170% compared with the immediately preceding quarter. This growth trend is continuing as average weekly test unit volume in the third quarter to date is more than double the average weekly test unit volume for the second quarter,” said Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics.

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