Rosetta Genomics Ltd. Receives Grant and Joins Rimonim Pharmaceutical Consortium
Published: Jan 10, 2011
PHILADELPHIA, PA and REHOVOT, ISRAEL--(Marketwire - January 10, 2011) - Rosetta Genomics, Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostics, announced today that it has joined the Rimonim pharmaceutical consortium ("Rimonim" or "the consortium"). The goal of the consortium, which is funded by the Office of the Israeli Chief Scientist ("OCS"), is to bring together leading Israeli biotechnology companies in order to advance RNAi-based therapeutics. By joining the consortium Rosetta Genomics received a $460,000 grant from the OCS.
Members of the consortium -- which include bioinformatics, biopharmaceutical, clinical diagnostic and therapeutic companies, as well as leading academic centers -- will work together to develop technologies to help commercialize RNAi therapeutics. All of the consortium's participants will have a access to the technologies and IP which will result from the work of the consortium.
"We are honored to be a part of this dynamic group, and to have the opportunity to leverage our proprietary technologies for this important mission," commented Kenneth A. Berlin, President and CEO of Rosetta Genomics. "Rimonim brings together some of Israel's top biotechnology companies and academic centers to work collaboratively to overcome barriers and advance the clinical work needed to bring RNAi-based therapeutics to patients. Rimonim will provide us with opportunities to interact with other leaders in the field who specialize in, among other things, systems that may be appropriate for delivering siRNA or microRNA mimetic molecules. We believe that the combined expertise and knowledge represented by this group is a great starting point for this important project, and we look forward to working with our fellow consortium members."
MicroRNAs (miRNAs) are recently discovered, small RNAs that act as master regulators of protein synthesis, and have been shown to be highly effective biomarkers. The unique advantage of microRNAs as biomarkers lies in their high tissue specificity, and their exceptional stability in the most routine preservation methods for biopsies, including Formalin Fixed Paraffin Embedded (FFPE) block tissue and fine needle aspirate (FNA) cell blocks. It has been suggested that their small size (19 to 21 nucleotides) enables them to remain intact in FFPE blocks, as opposed to messenger RNA (mRNA), which tends to degrade rapidly. In addition, early preclinical data has shown that by controlling the levels of specific microRNAs, cancer cell growth may be reduced. To learn more about microRNAs, please visit www.rosettagenomics.com.
About Rosetta Genomics
Rosetta Genomics is a leading developer of microRNA-based molecular diagnostics. 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 patent 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 tools. The company's first four microRNA-based tests, miRview® squamous, miRview® mets, miRview® mets2 and miRview® meso, are commercially available through its Philadelphia-based CAP-accredited and CLIA-certified lab. Rosetta Genomics is the 2008 winner of the Wall Street Journal's Technology Innovation Awards in the medical/biotech category. To learn more, please visit www.rosettagenomics.com.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future expectations, plans and prospects, including without limitation, statements relating to the role of microRNAs in human physiology and disease, the potential of microRNAs in the diagnosis and treatment of disease, and Rosetta's ability to develop RNAi-based drugs/therapeutics 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 may never lead to commercially accepted products or services; Rosetta's ability to obtain, maintain and protect its intellectual property; Rosetta's ability to enforce its patents against infringers and to defend its patent portfolio against challenges from third parties; Rosetta's need and 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; 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, 2009 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.
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