|Written by GSCR Staff|
|Tuesday, 06 November 2012 10:44|
There was big news for Rosetta Genomics (NASDAQ- ROSG - $4.70) today as the Company announced that the New York State Department of Health has given final approval for miRview Lung, the company’s proprietary micro-RNA based assay that can accurately differentiate between the four main types of lung cancer using small amounts of tumor cells. This will allow the company to continue operations with this product in all 50 states, as New York is the most rigorous state, requiring an independent regulatory review for laboratory developed tests.
Rosetta Genomics’ miRview products are primarily used to identify tumor types in cancer patients, and include products for mesothelomia, non-small cell lung cancer, kidney, and the previously mentioned lung products. The company estimates that the now fully approved miRview lung product can benefit 226,000 patients a year in the U.S. alone. The company was founded in 2000 and continues to be an innovative hub for molecular diagnostics, winning the 2012 North American Next Generation Diagnostics Entrepreneurial Company of the Year Award.
As evidenced by the 52-week range of $1.40 – $23.43, the stock has been crushed this year. Moreover, its volatility is virtually unmatched, so the stock is not for the faint of heart. Still, on the heels of this news, we believe more confidence in its prospects will rule, at least for the near term. Additional good news could return the stock to the $6.00 -7.00 level quickly.
Aaron Schweitzer, Vice-President Research
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