It's a good time to be in the microRNA diagnostics business, as Rosetta Genomics ($ROSG) can attest.
On the heels of last week's court ruling affirming that microRNA can be patented, Rosetta has announced that it's doubling its lab capacity and expanding its sales staff. The company has added three executive positions to its staff as well, all in anticipation for an increased demand in microRNA diagnostic assays, especially its flagship miRview mets2 kit.
And investors have taken notice. Rosetta's shares have climbed more than 130% since Monday, closing at $6.36 on Thursday.
Last week, Rosetta competitor Myriad Genetics ($MYGN) scored a landmark victory for microRNA companies nationwide, convincing a federal appeals court that it has the right to patent isolated genes. That decision--assuming it goes unchallenged or remains upheld--scuttles a lot of worries over intellectual property protection in the DNA engineering world, and its reverberations play a big part in Rosetta's progress of late.
Now, with a clear path ahead, Rosetta wants to increase market adoption for miRview mets2, the company said, focusing its sales team on the oncology field.
"With 200,000 patients in the U.S. diagnosed with cancers of unknown or uncertain primary each year, there is a significant market opportunity for miRview mets2," Rosetta CEO Kenneth Berlin said in a statement. "Our goal is to articulate our value with this lead product and then leverage that success to advance the commercialization of other products in our portfolio."
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