Rosetta Genomics Reports Fourth Quarter Financial Results
News Apr 01, 2009
Introducing the Company’s first three cancer diagnostic tests in the U.S., miRview™ mets, miRview™ squamous and miRview™ meso
Signing an exclusive distribution agreement for these tests with Teva Pharmaceuticals Ltd. for Israel and Turkey
Unveiling initial data relating to miRscreen™ colon, a noninvasive colon cancer screening diagnostic that will be the Company’s primary product-development focus in 2009
“During the fourth quarter we were proud to bring considerable development work to fruition as we commercialized multiple molecular diagnostic products based on our proprietary and versatile technology platform,” said Amir Avniel, president and chief executive officer of Rosetta Genomics. “The U.S. introduction of our first three miRview™ tests during December of 2008 and the subsequent distribution agreement with Teva Pharmaceuticals mark the transition of Rosetta Genomics to a commercial company. Our miRview™ line of tests now offer physicians the unique advantages microRNAs hold as sensitive and specific biomarkers for more than 200,000 lung and metastatic cancer patients annually in the U.S.
“These tests leverage Rosetta Genomics’ proprietary microRNA technologies, for which more than 80 patent applications are in process; we also have two issued patents and three Notices of Allowance. Importantly, our underlying serum-microRNA platform is extremely sensitive. It has demonstrated detection sensitivity on the order of a single molecule, single nucleotide specificity and up to 700-fold test-to-control increase of certain serum-microRNA biomarkers.
“As we take pride in our commercial progress, we are constantly advancing new products through our pipeline. In early 2009 we unveiled miRscreen™ colon and reported the first-ever in vivo efficacy data for a systemic microRNA therapeutic for liver cancer. This year we expect to expand our commercial capabilities based on the same model we are using with Teva while focusing our energies on bringing our noninvasive colon cancer screening diagnostic to market in late 2009 or early 2010.”
Mr. Avniel added, “Our colon cancer screening test will potentially target more than 90 million Americans annually, and therefore holds tremendous financial potential. It will differentiate individuals with colon cancer from those without by detecting microRNA biomarkers in a test that is based on a simple blood draw. We believe that noninvasive testing is the future of our industry. We also believe our noninvasive colon cancer screen is so important that we have elected to accelerate its development.”
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