Rosetta Genomics Ltd. Says Initiates Expansion of U.S. Operations
REHOVOT, Israel, and NEW YORK, Aug. 10 -- Rosetta Genomics, Ltd., a global leader in microRNA and RNAi, announced today it has initiated the expansion of its US operations with the relocation of Amir Avniel, Chief Executive Officer, from the company's headquarters in Rehovot, Israel, to New York. The move is intended to facilitate the expected launch of Rosetta Genomics' first products, growth through partnerships and collaborations, as well as overall corporate operations in the US. The company recently announced the expansion of its diagnostic pipeline and expects the first products to be launched in 2008.
In addition, the company announces the departure Michael French, the President of its fully owned US subsidiary - 'Rosetta Genomics Inc.', whose duties will be assumed by Mr. Avniel.
"As we move closer to the planned launch of our first diagnostic products in 2008 and to ensure the growth and expansion of our technologies, it is critical to have our senior executives based in the US," said Yoav Chelouche, Rosetta Genomics' Chairman of the Board of Directors. "Amir Avniel, as our CEO, brings valuable strategic insight, in addition to a comprehensive understanding of the development of microRNA diagnostics and therapeutics. I also would like to thank Michael French for his contribution to Rosetta Genomics."
Along with Mr. Avniel, Dalia Cohen, Executive VP will be overseeing global R&D efforts from the company's New Jersey offices.
About Rosetta Genomics
Rosetta Genomics (Nasdaq: ROSG - News) is a leader in the development of microRNA-based diagnostics and therapeutics. Founded in 2000, the company'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 IP position and strategic alliances with leading biotechnology companies, Rosetta Genomics is working to develop a full range of diagnostic and therapeutic products based on microRNAs. The company's primary focus is in the development of microRNA-based products to diagnose and treat different forms of cancer and infectious diseases.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta's future expectations, plans and prospects, including without limitation, statements relating to the role of microRNAs in human physiology and disease, the potential of microRNAs in the development of therapeutics and diagnostic products, and the timing of launch of our first diagnostic products 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 risks related to: Rosetta's approach to discover and develop novel diagnostics products, which is unproven and may never lead to marketable products; Rosetta's ability to fund and the results of further pre-clinical and clinical trials; Rosetta's ability to obtain, maintain and protect the intellectual property utilized by Rosetta's products; Rosetta's ability to enforce its patents against infringers and to defend its patent portfolio against challenges from third parties; Rosetta's ability to obtain additional funding to support its business activities; Rosetta's dependence on third parties for development, manufacture, marketing, sales, and distribution of products; the successful development of Rosetta's product candidates, all of which are in early stages of development; Rosetta's ability to obtain regulatory approval for products; competition from others using technology similar to Rosetta's and others developing products for similar uses; Rosetta's dependence on collaborators; and Rosetta's short operating history; as well as those risks more fully discussed under "Key Information - Risk Factors" in Rosetta's Annual Report on Form 20-F for the year ended December 31, 2006 on file with the Securities and Exchange Commission. In addition, any forward-looking statements represent Rosetta's views only as of today 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.