Israeli start-up Rosetta Genomics last week raised $6 million from private investors in its fourth financing round, which was expanded, due to excess demand. Yossi Ben-Yosef’s Kadima High Tech, which brings together private life science investors, led the round, with Coronis Greenberg, GlenRock Israel (Leon Recanati's investment company), and others. Many of Rosetta Genomics previous investors participated in the current round.
Rosetta Genomics CEO Dr. Isaac Bentwich founded the company in 2000. Rosetta Genomics is considered a pioneer in discovering microRNA (miRNA) genes, and in developing diagnostic tools and drugs for a number of types of cancer and other important diseases, based on these genes. Discovery of microRNA genes is a new discipline; until recently, these genes, considered an unimportant element of the genome, were referred to as “junk DNA.”
As the financing round was completed, Rosetta Genomics signed its first significant agreement with Ambion, a leading US biotechnology company. Ambion produces innovative RNA-based diagnostic and research tools. The agreement gives Ambion access to Rosetta Genomics’ database, including miRNA sequences, for a variety of medical research applications.
Rosetta Genomics is currently negotiating a cooperation agreement with a number of leading biotechnology companies for development of innovative drugs and diagnostic tools, based on miRNA, for prostate cancer, lung cancer, and a number of viral diseases.
Rosetta Genomics president Amir Avniel said today that the significantly shorter development process required for development of diagnostic tools had led his company to focus on them, in preference to drug development.
Published by Globes [online] - www.globes.co.il - on September 13, 2005