REHOVOT, Israel and JERSEY CITY, New Jersey, October 27 /PRNewswire-FirstCall/ -- Rosetta Genomics Ltd. (Nasdaq:ROSG), a leader in the development of microRNA-based diagnostics and therapeutics, today announced that Credit Suisse, as part of a settlement agreement it has reached with the Attorney General of the State of New York and the North American Securities Administrators Association Task Force, has begun to repurchase Rosetta Genomics ARS. So far, Credit Suisse has repurchased $2.7M worth of the $7.5M in ARS held by Rosetta Genomics.
Rosetta Genomics' believes that most of the remaining $4.8M in ARS that it holds will be repurchased by Credit Suisse by the end of the year, although Rosetta Genomics cannot provide any assurance that the remaining ARS will be repurchased according to this timeline, or at all.
MicroRNAs (miRNAs) are recently discovered, naturally occurring, small RNAs that act as master regulators and have the potential to form the basis for a new class of diagnostics and therapeutics. Since many diseases are caused by the abnormal activity of proteins, the ability to selectively regulate protein activity through microRNAs could provide the means to treat a wide range of human diseases. In addition, microRNAs have been shown to have different expression in various pathological conditions. As a result, these differences may provide for a novel diagnostic strategy for many diseases.
About Rosetta Genomics
Rosetta Genomics (Nasdaq: ROSG) is a leader in the field of microRNA. Founded in 2000, the company's integrative research platform combining bioinformatics and state-of-the-art laboratory processes has led to the discovery of hundreds of biologically validated novel human microRNAs. Building on its strong IP position and proprietary platform technologies, Rosetta Genomics is working on the application of these technologies in the development of a full range of microRNA-based diagnostic and therapeutic tools, focusing primarily on cancer and various women's health indications. The company expects that the first microRNA diagnostic tests applying its technology will be launched by licensed clinical laboratories in the United States in 2008.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future
expectations, plans and prospects, including without limitation, statements
relating to the expected timing or the repurchase of the remaining ARS by
Credit Suisse, the role of microRNAs in human physiology and disease, the
potential of microRNAs in the diagnosis and treatment of disease and the
expected timing of submission for approval and launch of diagnostic tests
using our microRNA technology constitute forward-looking statements for the
purposes of the safe harbor provisions under The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those indicated by these forward-looking statements as a result of various
important factors, including risks related to: Rosetta's approach to
discover microRNA technology and to work on the application of this
technology in the development of novel diagnostics and therapeutic tools,
which is unproven and may never lead to marketable products or services;
Rosetta's ability to fund and the results of further pre-clinical and
clinical trials; Rosetta's ability to obtain, maintain and protect the
intellectual property utilized by Rosetta's products; Rosetta's ability to
enforce its patents against infringers and to defend its patent portfolio
against challenges from third parties; Rosetta's ability to obtain
additional funding to support its business activities; Rosetta's dependence
on third parties for development, manufacture, marketing, sales, and
distribution of products; Rosetta's ability to successfully develop its
candidate tools, products and services, all of which are in early stages of
development; Rosetta's ability to obtain regulatory clearances or approvals
that may be required for its products and services; the ability to obtain
coverage and adequate payment from health insurers for the products and
services comprising Rosetta's technology; competition from others using
technology similar to Rosetta's and others developing products for similar
uses; Rosetta's dependence on collaborators; and Rosetta's short operating
history; as well as those risks more fully discussed in the "Risk Factors"
section of Rosetta's Annual Report on Form 20-F for the year ended December
31, 2007 as filed with the Securities and Exchange Commission. In addition,
any forward-looking statements represent Rosetta's views only as of the
date of this release and should not be relied upon as representing its
views as of any subsequent date. Rosetta does not assume any obligation to
update any forward-looking statements unless required by law.
Joshua Gordon, M.D.
|SOURCE Rosetta Genomics Ltd|
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