PRINCETON, NJ and REHOVOT, ISRAEL -- (Marketwired) -- 09/10/13 -- Rosetta Genomics, Ltd. (NASDAQ: ROSG), a leading developer of microRNA-based molecular diagnostics, today reports financial results for the six months ended June 30, 2013.
Commercial highlights for the first half of 2013 and recent weeks include:
•Enhanced awareness of, and demand generation for, the Rosetta Cancer Origin Test resulting in a four-fold increase in revenues compared with the same period a year ago •Expanded the U.S. commercial footprint from five sales territories to 12, and increased the direct sales force from four representatives to 10; brought sales professionals in house from contract sales organization •Received the final revised Local Coverage Determination for Biomarkers in Oncology from the designated Medicare Administrative Contractor for the Company's microRNA-based diagnostic assays, which included the Rosetta Cancer Origin Test; the Determination became effective August 1, 2013 •Executed credentialing agreements for the Rosetta Cancer Origin Test with four U.S. national healthcare network providers, increasing coverage for this test to approximately 100 million Americans •Highlighted the Company's cancer testing services in an Industry Expert Theater Presentation at the American Society of Clinical Oncology 2013 Annual Meeting (ASCO 2013) •Closed the six-month period with a strong cash position of nearly $30 million to support commercial expansion and product development
"During the first half of 2013 we made meaningful progress in a number of areas critical to our future success including commercial progress with the Rosetta Cancer Origin Test. We fortified our patent estate, published data in peer-reviewed journals in support of our products, executed credentialing agreements with several large network providers and received a favorable local coverage determination from our Medicare Administrative Contractor," said Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. "Based on the traction we gained in the first half of 2013, we expanded our U.S. sales force from five to 12 sales territories and recently completed training six new sales representatives who have already begun generating demand for our Cancer Origin Test.
"In further support of the commercialization of our microRNA testing services, we had a strong presence at ASCO 2013, the world's largest annual gathering of cancer specialists. We hosted an Industry Expert Theater Presentation, a prestigious program highlighted by a series of hour-long presentations from industry leaders sharing the latest in oncology practices, products, services and technologies. Also at ASCO 2013, we launched new corporate and product branding, which included an interactive tradeshow booth featuring a high-definition video and other promotional materials, an updated corporate logo with the tagline 'expanding personalized medicine,' and new names and logos for our Rosetta Cancer Testing Services, all of which were extremely well received.
"We continue to protect our global leadership position in microRNA technology and our resulting diagnostic and therapeutic products with a purposeful patent strategy. Our solid intellectual property position allows us to protect current products, provides the backbone for new product development and offers multiple opportunities for potential development partnerships as well as transactions to monetize IP.
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