Rosetta Genomics Reports Second Quarter 2010 Financial Results
“Biomarkers and companion diagnostics continue to enjoy heightened interest within the clinical and medical communities. This was particularly evident at this year’s American Society for Clinical Oncology Annual Meeting where biomarkers and companion diagnostics were a key topic of discussion. Because of their high tissue specificity, microRNAs are ideally suited as biomarkers and, thus, are particularly valuable to the pharmaceutical industry. Rosetta plans to build on its commercially available diagnostic tests for cancer and its robust and diverse microRNA-based product pipeline, to lead the development of clinically relevant response biomarkers that harness the power of microRNAs to advance patient care worldwide,” concluded Mr. Berlin.
Second Quarter Results
The Company recorded revenues from continuing operations of $70,000 and $14,000 for the second quarters of 2010 and 2009, respectively.
Research and development expenses for the second quarter of 2010 were $1.9 million, compared with $1.4 million for the second quarter of 2009, mainly due to an increase in expenses related to compensation.Marketing and business development expenses for the second quarter of 2010 were $1.6 million compared with $1.4 million for the second quarter of 2009, primarily the result of an increase in expenses related to compensation. General and administrative expenses were $854,000 in the second quarter of 2010 compared with $749,000 in the second quarter of 2009. The operating loss for the second quarter of 2010 was $4.4 million, including $898,000 of non-cash stock compensation expense, which in turn included $700,000 in non-cash stock compensation expense associated with the establishment of the Company’s Rosetta Green subsidiary and compensation for its chief executive officer. These expenses were recorded as Research and Development, General and Administrative and Business Development costs. This compares with an operating loss of $3.8 million, including $268,000 of non-cash stock compensation expense, for the corresponding quarter of 2009. The Company’s net loss from continuing operations for the second quarter of 2010 was $4.2 million or $0.25 per ordinary share, compared with a net loss from continuing operations of $3.8 million or $0.28 per ordinary share, in the same period of 2009.
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