Rosetta Genomics up sharply on new management hires
The company also says it is expanding its commercial operations in preparation for expected sales growth.
Rosetta recently announced a co-marketing agreement with Precision Therapeutics, Inc. for miRview mets2, as well as a recent decision by Medicare to reimburse the miRview mets2 assay.
The new hires are Ron Kalfus, who joined Rosetta Genomics from MabCure Inc. in May as CFO in place of interim CFO Tomer Assis; Guy Malchi, who will join Rosetta Genomics on September 2 in the newly created position of Executive Vice President of Corporate Development; and Steve Miller, who joined the company in June 2012 in the newly created position of Director of Marketing and Reimbursement.
"In addition to the terrific management hires we are announcing today, we have begun the process of adding sales representatives to our oncology-focused sales team and have already doubled the capacity of our laboratory operations in anticipation of an increase in demand as our miRview mets2 assay gains further market acceptance," said Rosetta Genomics president and CEO Kenneth A. Berlin. "In addition, we have begun the process of adding to our national accounts management team to work with private payers to increase the number of covered lives for our miRview mets2 assay," he added.
Since the beginning of the year, Rosetta Genomics has attracted considerable interest. Its share price has been highly volatile, crashing to a negligible $0.18 in early January, recovering to $0.27 three weeks later, and then, after another ten days, doubling its value in a single session, to close at $0.55.
In May, the company carried out a reverse split at a ratio of one to fifteen, and reported that it had reached a significant milestone in the marketing of the unique diagnostic tests it has developed. Following the announcement, and a fund-raising round, the share price rose several times over within about ten days. Then came the fall, and the price sank from $16 to under $4 by Friday's close, giving a market cap of just $3.4 million. Now, following today's announcement, the share price is up more than 20%, at $4.78.
Published by Globes [online], Israel business news - www.globes-online.com - on August 20, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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