Rosetta Genomics Ltd. (Nasdaq:ROSG), together with Columbia University Medical Center (CUMC), reported that the first molecular test based on Rosetta Genomics' proprietary microRNA technology, developed by CUMC, was submitted for approval by the New York State Department of Health. The test, which investment bank Collins Stewart called Rosetta's lead diagnostic test, is designed to differentiate between two types of the most common form of lung cancer.
If the department of health approves the test, the test will be made available nationwide by a Columbia University lab. Rosetta Genomics president and CEO Amir Avniel noted, "With advancements toward more targeted therapies for cancer, there is a growing need for better diagnostics".
The test, performed on a sample of the patient's tumor and validated by Columbia University Medical Center, can be used to differentiate between squamous (scalelike) and non-squamous non-small cell lung cancer (NSCLC). This is the first test utilizing microRNAs' unique sensitivity and specificity as biomarkers that may offer a standardized and objective method for cancer classification.
Approximately 185,000 people are diagnosed with either squamous or non-squamous NSCLC each year in the United States.
Rehovot-based Rosetta Genomics expects two additional tests based on its microRNA technology to be validated and submitted for regulatory approval during the second half of 2008 by laboratories in the United States. One test is designed to differentiate mesothelioma, an asbestos-associated cancer, from adenocarcinomas that either arise in the lung or spread to the lung and pleura from other sites. Another test is designed to identify the origin of a metastasis in patients presenting with cancer of unknown primary (CUP) origin.
Shares in Rosetta rose 4.8% to $5.19 yesterday in Nasdaq trading, reflecting a market cap of $61.7 million. Its shares have risen 3.8% in April so far.
Published by Globes [online], Israel business news - www.globes-online.com - on April 8, 2008
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