Biotech Values

[genisi]

ROSG - not following closely, just saw this (and then looked at their Q2 revenues to see that their three commercial tests aren't big sellers. Perhaps insurance companies will not yet pay for them):

Rosetta Genomics cuts 20 pct workforce

http://www.reuters.com/article/idCNSGE6940IW20101005?rpc=44

Tue Oct 5, 2010 9:53am EDT

* Says cutting 14 jobs

* Restructuring to reduce expenses by about $4 mln annually

* Says has cash flow to fund operations through March 2011

Oct 5 (Reuters) - Israel-based Rosetta Genomics Ltd (ROSG.O) said it was cutting 14 jobs, or 20 percent of its workforce, but had enough cash flow to fund operations through March 2011.

The molecular diagnostics company said all employees will also move to a four-day work week with a 20 percent cut in their salary.

The restructuring would result in reducing annual operating expenses by about $4 million and the full impact would go into effect by early December 2010, the company said in a statement.

In 2009, the company incurred annual operating expenses of about $14 million.

The jobs cuts were mainly in the research and development and general and administrative divisions.

Rosetta Genomics also said the move was not expected to affect planned launches of their second generation of diagnostic tests or significantly change plans for their third generation of diagnostic products currently in discovery.

The company's shares, which have fallen 45 percent in the last six months, closed at $1.20 Monday on Nasdaq.