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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

t loss of $6.4 million (including a non-cash expense of $699,000 related to stock-based compensation), or $0.59 per ordinary share, for the corresponding period of 2007.

Research and development expenses of $2.0 million for the third quarter of 2008 and of $6.6 million for the nine months ended September 30, 2008, compared to $1.4 million and $4.3 million for the corresponding periods of 2007, respectively, remain the company's largest expense and accounted for 64% of its operating loss in the third quarter of 2008.

As of September 30, 2008, we had $12.9 million in cash, cash equivalents, short term bank deposits, and marketable securities. Our outlook of total cash usage for operating activities for the remaining three months of 2008 is approximately $3 million. In July 2008 we paid $1.9 million in cash for the purchase of Parkway Clinical Laboratories, Inc.

As previously disclosed, the company has recorded an impairment charge relating to $7.4 million in Auction Rate Securities (ARS), purchased in 2007, which have experienced multiple failed auctions due to a lack of liquidity in the markets for these securities. As part of a settlement agreement it reached with the Attorney General of the State of New York and the North American Securities Administrators Association Task Force, Credit Suisse agreed to repurchase these ARS from Rosetta. Credit Suisse has repurchased the entire $7.4 million.

Recent Highlights

Rosetta Genomics reports the following scientific and corporate highlights:

Diagnostic Programs

- miRview(TM) squamous - Rosetta has recently completed the development of this test at its Philadelphia lab. The test differentiates squamous from non squamous non-small cell lung cancer (NSCLC) with high sensitivity and specificity. The ability of physicians to accurately differentiate squamous from non-squamous NSCLC is an important treatment g
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