PRINCETON, NJ and REHOVOT and TEL AVIV, ISRAEL - October 31, 2013 - Rosetta Genomics Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostics, announces that the Company has entered into a sponsored research agreement with Ramot at Tel Aviv University (Ramot), a Company organized under the laws of Israel and a wholly-owned subsidiary of Tel Aviv University (TAU), for the joint development of a nano-carrier system for miR mimetic technology to treat cancer.
Dr. Sharon Kredo-Russo, Associate Director, R&D of Rosetta Genomics and Rosetta's scientists, together with Prof. Ronit Satchi-Fainaro, Department of Physiology and Pharmacology, Sackler School of Medicine, Tel Aviv University and members of her research team at TAU, jointly developed technology relating to a nano-carrier deliver system with a miRNA mimetic. This unique system can significantly enhance the stability, intracellular trafficking and efficacy of the miRNA.
The parties will perform joint research under the Magneton Project administered by the Office of the Chief Scientist of the Ministry of Economics (OCS) for an initial period of 12 months commencing on October 1, 2013 and an additional period of 12 months, subject to approval by OCS. Rosetta Genomics has already received initial approval from the OCS for the Magneton Project. The results of the joint research project will be jointly-owned by Rosetta Genomics and Ramot. Rosetta Genomics will fund the research to be performed by Prof. Ronit Satchi-Fainaro at Tel Aviv University in the amount of 242,460 NIS in accordance with an agreed upon payment schedule and subject to receipt of the OCS funding.
"We are delighted the OCS has determined to fund this important project. This research collaboration represents a cost-effective and efficient way for us to expand our footprint into cancer therapeutics by leveraging the Company's valuable microRNA intellectual property," said Kenneth A. Berlin, President of Rosetta Genomics. "Ramot is an excellent partner for this project and Prof. Satchi-Fainaro is a well-regarded expert in the field of cancer and microRNA nanomedicines as she is known for her cutting edge research. We look forward to advancing this collaboration to develop what we hope will be effective new cancer treatments."
"The growing understanding of the importance of microRNAs has generated intense activity in the biomedical research community. Rosetta has been at the forefront of this scientific revolution. Our goal is to leverage our broad-based patent position in microRNA technology to bring innovative new diagnostics and therapies to patients in need, while creating new revenue sources for the Company. In addition to oncology, we are pursuing this strategy in infectious, immune-mediated and cardiovascular diseases," concluded Mr. Berlin.
About Rosetta Cancer Testing Services
Rosetta Cancer Tests are a series of microRNA-based diagnostic testing services offered by Rosetta Genomics. The Rosetta Cancer Origin Test™ can accurately identify the primary tumor type in primary and metastatic cancer including cancer of unknown or uncertain primary (CUP). The Rosetta Mesothelioma Test™ diagnoses mesothelioma, a cancer connected to asbestos exposure. The Rosetta Lung Cancer Test™ accurately identifies the four main subtypes of lung cancer using small amounts of tumor cells. The Rosetta Kidney Cancer Test™ accurately classifies the four most common kidney tumors: clear cell renal cell carcinoma (RCC), papillary RCC, chromophobe RCC and the benign oncocytoma. Rosetta's assays are designed to provide objective diagnostic data; it is the treating physician's responsibility to diagnose and administer the appropriate treatment. In the U.S. alone, Rosetta Genomics estimates that 200,000 patients a year may benefit from the Cancer Origin Test, 60,000 from the Mesothelioma Test, 65,000 from the Kidney Cancer Test and 226,000 patients from the Lung Cancer Test. The Company's assays are offered directly by Rosetta Genomics in the U.S., and through distributors around the world. For more information, please visit www.rosettagenomics.com. Parties interested in ordering the test can contact Rosetta Genomics at (215) 382-9000 ext. 309.
About Rosetta Genomics
Rosetta develops and commercializes a full range of microRNA-based molecular diagnostics. Founded in 2000, Rosetta'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 is working on the application of these technologies in the development and commercialization of a full range of microRNA-based diagnostic tools. Rosetta's cancer testing services are commercially available through its Philadelphia-based CAP-accredited, CLIA-certified lab. Frost & Sullivan recognized Rosetta Genomics with the 2012 North American Next Generation Diagnostics Entrepreneurial Company of the Year Award.
About Ramot at Tel Aviv University
Ramot is the technology transfer company of Tel Aviv University. Ramot fosters, initiates, leads and manages the transfer of new technologies from university laboratories to the marketplace by performing all activities relating to the protection and commercialization of inventions and discoveries made by faculty, students and other researchers. Ramot provides a dynamic interface connecting industry to leading-edge science and innovation, offering new business opportunities in a broad range of emerging markets.
For more information, visit www.ramot.org.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future expectations, plans and prospects, including without limitation, Rosetta's Cancer of Origin Test, the Cancer Origin Test improving the ability of physicians to accurately diagnose CUP, the Cancer Origin Test's ability to help physicians to optimize treatment, Rosetta's development or commercialization of molecular diagnostics, the market acceptance of Rosetta's cancer testing services, particularly the Cancer Origin Test, the joint research with Ramot and Tel Aviv university leading to results and the development of microRNA based 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 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, 2012 as filed with the SEC. 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.
President & CEO
(609) 419-9000, ext. 1326
Dr Tamar Raz
VP Strategy & Marketing,
RAMOT at Tel Aviv University Ltd.
Anne Marie Fields
SOURCE: Rosetta Genomics, Ltd.