Rosetta Genomics Reports Second Quarter 2010 Financial Results
“In addition to the significant percentage growth in sales of our commercially available products, we expanded our global reach with the addition of an exclusive distributor in Greece and have a reimbursement policy in place for the miRview™ mets test by Clalit Health Services for Israel. Initially, reimbursement will be provided to patients participating in a clinical study being conducted at three medical centers in Israel, with plans to expand reimbursement for the test to all Clalit members. We expect to build on these successes in the coming quarters to gain further commercial traction with our microRNA-based diagnostic tests.
“We were especially pleased that a number of important clinical studies were published in peer-reviewed journals and presented at annual medical meetings during the quarter, as this expanding body of data continues to validate the clinical utility of our microRNA platform in diagnostics.
“We continued to advance our robust development pipeline during the quarter and we are delighted to announce that we are on or ahead of schedule in preparing for the launch of the first two of these diagnostics, namely our next generation miRview™ mets assay and miRview™ lung. Compelling clinical data validating each of these two tests will be highlighted at the American Academy of Cancer Research’s upcoming Molecular Diagnostics in Cancer Therapeutic Development Conference, taking place in Denver in late September. Our next generation miRview™ mets test will be launched outside the United States by the end of this year and miRview™ lung will be ready for commercialization in the first half of 2011, six months earlier than initially projected. In addition, miRview™ bladder remains on track to launch in the second half of 2011.
“We are especially pleased to unveil our latest two tests under development, namely, miRview™ kidney, which is being developed to accurately identify four histological types of renal tumors, and miRview™ meso prognostic, which we are developing to sub-classify mesothelioma patients based on their prognosis. In each case these diagnostic tests are being developed to provide valuable clinical information that can help guide physicians in determining the most effective treatment protocols for their patients. We look forward to continuing our development work and to launching these promising products in 2011. As with all of our products in development, our projected launch dates assume no changes to the current regulations for Laboratory Developed Tests by the U.S. Food and Drug Administration. Any changes to those regulations could impact our launch dates.
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