Rosetta Genomics, a molecular diagnostics company announced a license and collaboration agreement April 16, 2009 with Prometheus Laboratories Inc., granting the pharmaceutical and diagnostic company rights to three microRNA-based cancer diagnostic tests in the United States.
The agreement between the two companies includes payments to Rosetta Genomics through milestones, research funding and royalty payments on net sales in the Unites States. Additionally, Prometheus will make an $8 million equity investment in Rosetta Genomics at $4 per ordinary share (a 41 percent premium over the closing price of the company’s stock over three days).
The companies have also agreed to work together to develop two additional microRNA tests, with funding provided by Prometheus.
The three tests Prometheus has rights to in the current agreement include miRview™ meso, miRview™ mets and miRview™ squamous. Rosetta Genomics developed the tests by studying microRNAs, non-coding genes sensitive to biomarkers.
“We believe these three molecular diagnostic tests can help oncologists personalize therapy and are ideally suited to lead our entry into the oncology market, while complementing our emerging internal oncology diagnostics program,” said Joseph M. Limber, President and Chief Executive Officer of Prometheus.
The three tests aid in disease diagnosis. miRview™ meso utilizes biomarkers in microRNAs to distinguish the presence of mesothelioma from other cancers of the lung and pleura (the lining of the lungs). Mesothelioma is a rare, aggressive cancer caused almost exclusively by asbestos exposure. A mesothelioma diagnosis cannot currently be obtained through one specific test, but the miRview™ meso test may make it easier for mesothelioma doctors to provide a patient with an accurate diagnosis.
“We are delighted to enter into this comprehensive partnership with Prometheus,” stated Amir Avniel, President and Chief Executive Officer of Rosetta Genomics. “With Prometheus these tests now will be available across the U.S., and will be supported by an organization with a proven ability in diagnostic testing services and in launching new products.”
Additional information about mesothelioma may be found through the Mesothelioma Cancer Center.
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