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Rosetta Genomics Reports Fourth-Quarter and Full-Year 2007 Financial Results
Date:2/29/2008

pared with operating loss of $8.1 million (including a non-cash expense of $1 million related to stock based compensation), for 2006.

Research and development expenses of $2.1 million for the fourth quarter of 2007, compared to $1.3 million for the fourth quarter of 2006, remain the Company's largest expense and accounted for 60% of its operating losses. Research and development expenses for the year ended December 31, 2007 were $6.4 million compared to $4.8 million for 2006.

On a NON-GAAP basis, the net loss for the year ended December 31, 2007 was $8.6 million, or $0.77 per ordinary share, compares with a net loss of $6.6 million for 2006, or $2.59 per ordinary share. On a GAAP basis, the net loss for 2007, including a non-cash expense of $1 million related to stock based compensation and an impairment of long-term investment of $5 million, was $14.6 million, or $1.32 per ordinary share, compared with a net loss of $7.6 million, including a non-cash expense of $1 million related to stock based compensation, or $2.98 per ordinary share, for 2006.

As of December 31, 2007, net allowance for devaluation of $5 million, we had $24.3 million in cash, cash equivalents, short and long term bank deposits and marketable securities. Our outlook of total cash usage for 2008 is approximately $14 million.

As of December 31, 2007, the Company had $7.4 million of principal invested in Auction Rate Securities (ARS) rated AAA at the time of purchase, and as of today all of our ARS, except for two, are still rated AAA, and all continue to pay interest in accordance with their stated terms. However, since these ARS have experienced multiple failed auctions due to a lack of liquidity in the market for these securities, based on third party indications, the Company has revalued its ARS portfolio. As a result, it has recorded an impairment charge of $5 million on the profit and loss statement with respect to these ARS, the devaluation of which is considered "o
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SOURCE Rosetta Genomics Ltd
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