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Rosetta Genomics Ltd. (ROSG)
Q2 2008 Earnings Call Transcript
August 19, 2008 8:30 am ET
Joshua Gordon – Executive Director of IR
Amir Avniel – President and CEO
Tamir Kazaz – CFO and Corporate Secretary
Dalia Cohen – Chief Scientific Officer
Ronen Tamir – Chief Commercialization Officer
Raza Bokhari – Chief Development Officer
Kevin Degeeter – Oppenheimer
Pamela Bassett – Cantor Fitzgerald
Richard lDrury – Constitution Research
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It is now pleasure to turn the call over to Dr. Joshua Gordon. Dr. Gordon assumed the position of Executive Director of Investor Relations of Rosetta Genomics, sir you may begin.
Thank you and welcome everyone to our second quarter earnings call. Today I am joined by Amir Avniel, CEO of Rosetta Genomics and Tamir Kazaz our Chief Financial Officer, Dalia Cohen, our Chief Scientific Officer, Ronen Tamir our Chief Commercialization Officer and Dr. Raza Bokhari, our Chief Development Officer will join us for the Q&A.
Rosetta Genomics released it financial results for 2008 earlier this morning. This report is available at our website rosettagenomics.com. If you would like to be added to Rosetta’s distribution list to immediately receive future news about Rosetta Genomics, please call our officers at 201-946-0561 and ask to speak with the Investor Relations department. Before we begin, I would like to state that some of the information presented here today may contain projections or other forward-looking statements regarding future events or the future financial performance of the company.
These statements are based on management’s current expectations and actual events or results may differ materially and adversely from these expectations for a variety of reasons. We refer you to the documents the company files from time-to-time with the securities and exchange commission, specifically the company’s annual report on Form 20-F and reports on Form 6-K.
These documents identify important risk factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. During today’s call, we will discuss major events that have taken place at Rosetta Genomics during the second quarter of the year. Amir will present the quarters business highlights, advancements in R&D, and marketing developments.
Tamir will then discuss the quarter’s financial results. Finally we will open the call for Q&A, and now I would like to turn over the call to our CEO, Amir Avniel. Amir.
Thank you Josh, it has been an exciting quarter for Rosetta Genomics and one with many milestones. The most notable achievement for the quarter was that Columbia University Medical Center received regulatory approval for the first Molecular Diagnostic for that they develop based on our technology. A bigger validating step for Rosetta Genomics and a confirmation of the ability to use our technology to develop a Molecular Diagnostics product from start to finish.
In June, we accomplished another significant milestone with the acquisition of a CLIA-certified testing laboratory with 34 employees and $2.7 million in expected revenue in 2008. The acquisition of this lab is expected to allow us to rapidly develop and validate our diagnostic tests in-house and become a fully commercial company in the fourth quarter of 2008.
The last important milestone achieved this quarter is our success in moving multiple new diagnostics up our pipeline, which is a validation of our microRNA products engine. These new tests have the potential to address unmet medical needs for gastric, bladder, colon, lung, and ovarian cancer. We will continue pushing forward this more oncology indications an additional indication for genetic disorder in women’s health and expect to announce more indications in the following quarter.
All this strengthens our conviction that using microRNA as biomarker with our technology may significantly impact the Molecular Diagnostic forward. We anticipate releasing more new products during 2009 and 2010 and hope to dramatically influence the way medicine is practiced today.
I will now comment on some of these events in more detail beginning with our acquisition of Parkway Clinical Laboratories in Pennsylvania. Parkway specializes in conducting clinical diagnostics tests and handles in excess of 170,000 specimens a year with an estimated $2.7 million in annual revenue.
Parkway is expected to breakeven in 2008. The acquisition of CLIA-certified lab will allow Rosetta Genomics to expedite and gain full control over the in-house development, validation, commercialization, marketing and sales of our microRNA based diagnostics tests. During the last month we expanded the lab to 11,000 square feet by adding a second location in Philadelphia, where we are installing our proprietary microRNA based diagnostics technology. We started the calibration of this lab and believe it will be fully operational shortly.
We expect that the first diagnostics test developed and validated by us will be commercially available through this facility in Q4 2008. Parkway has 34 employees who support the labs daily operations, marketing and distribution. These employees will now be incorporated into Rosetta Genomics headcount, which will now consist of 103 employees. The CEO of the lab, Dr. Raza Bokhari joins Rosetta full time as Chief Development Officer. And I would like to take this opportunity to extent a very warm welcome to Raza and the rest of his team on behalf of Rosetta Genomics.