REHOVOT, Israel and JERSEY CITY, New Jersey, October 27 /PRNewswire/ --
Rosetta Genomics Ltd. (Nasdaq:ROSG), a leader in the
development of microRNA-based diagnostics and therapeutics, today announced
that Credit Suisse, as part of a settlement agreement it has reached with the
Attorney General of the State of New York and the North American Securities
Administrators Association Task Force, has begun to repurchase Rosetta
Genomics ARS. So far, Credit Suisse has repurchased $2.7M worth of the $7.5M
in ARS held by Rosetta Genomics.
Rosetta Genomics' believes that most of the remaining $4.8M in
ARS that it holds will be repurchased by Credit Suisse by the end of the
year, although Rosetta Genomics cannot provide any assurance that the
remaining ARS will be repurchased according to this timeline, or at all.
MicroRNAs (miRNAs) are recently discovered, naturally
occurring, small RNAs that act as master regulators and have the potential to
form the basis for a new class of diagnostics and therapeutics. Since many
diseases are caused by the abnormal activity of proteins, the ability to
selectively regulate protein activity through microRNAs could provide the
means to treat a wide range of human diseases. In addition, microRNAs have
been shown to have different expression in various pathological conditions.
As a result, these differences may provide for a novel diagnostic strategy
for many diseases.
About Rosetta Genomics
Rosetta Genomics (Nasdaq: ROSG) is a leader in the field of
microRNA. 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 IP 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 and therapeutic
tools, focusing primarily on cancer and various women's health indications.
The company expects that the first microRNA diagnostic tests applying its
technology will be launched by licensed clinical laboratories in the United
States in 2008.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future
expectations, plans and prospects, including without limitation, statements
relating to the expected timing or the repurchase of the remaining ARS by
Credit Suisse, the role of microRNAs in human physiology and disease, the
potential of microRNAs in the diagnosis and treatment of disease and the
expected timing of submission for approval and launch of diagnostic tests
using our microRNA technology 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 is unproven and
may never lead to marketable products or services; Rosetta's ability to fund
and the results of further pre-clinical and clinical trials; Rosetta's
ability to obtain, maintain and protect the intellectual property utilized by
Rosetta's products; Rosetta's ability to enforce its patents against
infringers and to defend its patent portfolio against challenges from third
parties; Rosetta's 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,
all of which are in early stages of development; 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, 2007 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.
Joshua Gordon, M.D.