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Rosetta Genomics Reports Third Quarter 2008 Financial Results; Records First Revenues of $705,000; $7.4 Million Added to Available Cash Due to Repurchase of ARS
Date:12/5/2008

REHOVOT, Israel and JERSEY CITY, New Jersey, December 5 /PRNewswire-FirstCall/ -- Rosetta Genomics, Ltd. (NASDAQ: ROSG), an innovative molecular diagnostic company leveraging microRNAs as biomarkers, reported today its consolidated financial results for the quarter ended September 30, 2008 and business highlights.

The company recorded revenues for the third quarter of 2008 of $705,000. These revenues were recorded from the date of acquisition of Parkway Clinical Laboratories at the end of July through September 30, 2008. The company reported a 2008 third-quarter net loss of $3.0 million, or $0.25 per ordinary share. The third-quarter result compares with a net loss of $2.2 million, or $0.18 per ordinary share, for the corresponding quarter of 2007. Net loss for the nine months ended September 30, 2008 was $10.6 million, or $0.88 per ordinary share, compared with a net loss of $6.4 million, or $0.59 per ordinary share, for the corresponding period of 2007.

"This has been a very busy quarter for us at Rosetta Genomics, as we near the introduction to the market of the first molecular diagnostic tests based on our technology." said Amir Avniel, President and CEO of Rosetta Genomics. "As part of our goal to become a leading player in the molecular diagnostic field, introducing innovative tests using our proprietary microRNA technologies, we have initiated a blood based cancer detection development program. These tests will potentially use microRNAs extracted from a simple blood draw, and provide a minimally-invasive detection and screening tool for both patients and physicians. We have already identified microRNAs in serum, and are now advancing several diagnostic programs based on these findings.

We believe that given their minimally invasive nature, as well as other important advantages, blood-based micro
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