PHILADELPHIA & REHOVOT, Israel--(BUSINESS WIRE)--Rosetta Genomics Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based and other molecular diagnostics, today announced that the Company has entered into an exclusive distribution agreement with Rhenium Ltd. for the sales and marketing of RosettaGX Reveal™ (Reveal), the Company’s first-of-its-kind microRNA classifier for indeterminate thyroid nodules, in Israel. Under the terms of the agreement, Rhenium’s exclusivity is contingent on Rhenium meeting certain volume commitments.
Medical services in Israel are provided through four health insurance companies known as Sick Funds: Clalit, Maccabi, Meuhedet and Leumit. Clalit, (General Sick Fund), the largest organization and the first health insurance institution in Israel, has indicated that it will include the RosettaGX Reveal assay in its Sick Fund.
“We are particularly pleased to expand access for Reveal to Israel as this innovative assay and its underlying microRNA technology were developed here. Unlike other assays in the space, Reveal does not require fresh tissue. These simple logistics make it ideally suited for international distribution agreements like this one,” stated Kenneth A. Berlin, President and Chief Executive Officer of Rosetta Genomics. “We are delighted to be partnering with Rhenium as they are known leaders in the diagnostic field in Israel. Rhenium’s knowledge of the Israeli market, along with its high quality sales teams will be very beneficial for successful market entry for Reveal and makes them an ideal partner for Rosetta. Importantly, having the largest Sick Fund cover Reveal should significantly enhance commercialization and market adoption in Israel. In addition, this agreement paves the way for us to partner other diagnostic portfolio products with Rhenium for distribution in Israel in the future.”
“We look forward to bringing Reveal to the Israeli market as many patients with indeterminate thyroid cancer undergo surgery as a precaution despite the fact that up to 80% of these cases are benign. This exposes patients to unnecessary surgical risk and costs the healthcare system millions of dollars,” stated Israeli Dror, Chief Executive Officer of Rhenium. “Reveal represents the type of innovative, best-in-class product Rhenium prides itself on supplying to patients and physicians.”
About Rhenium Ltd.
Established in 1991, Rhenium is one of Israel’s leading suppliers of laboratory, research and diagnostic equipment. Rhenium works with top-level manufacturers from around the world to import the best and most suitable equipment for its 15,000 clients, whether for hospitals and clinics, universities and research facilities, or the growing number of bio-tech and diagnostics companies emerging from Israel’s burgeoning start-up community. Rhenium’s unique asset is its professional, end-to-end service, made simple by the knowledge and know-how of its talented team. Each team member specializes in a different area of scientific research (most have a Master’s degree or above), and they use their expertise to make sure that Rhenium’s customers get exactly what they are looking for. And it doesn’t stop there. Rhenium’s customer service team provides full support at every stage in the process, from initial research to on-site technical assistance. Rhenium Ltd. complies with the ISO 9001 requirements.
About Rosetta Genomics
Rosetta develops and commercializes a full range of microRNA-based and other molecular diagnostics. Rosetta’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 patent position and proprietary platform technologies, Rosetta is working on the application of these technologies in the development and commercialization of a full range of microRNA-based diagnostic tools. Through the acquisition of PersonalizeDx, the Company now offers core FISH, IHC and PCR-based testing capabilities and partnerships in Pathology, Oncology and Urology that provide additional content and platforms that complement Rosetta’s microRNA and Next-Gen Sequencing offerings. RosettaGX Reveal™, a Thyroid microRNA Classifier for the diagnosis of indeterminate thyroid FNA smears, as well as the full RosettaGX™ portfolio of cancer testing services are commercially available through the Company’s Philadelphia, PA- and Lake Forest, CA-based CAP-accredited, CLIA-certified labs. For more information visit www.rosettagx.com.
Forward-Looking Statement Disclaimer
Various statements in this release concerning Rosetta’s future expectations, plans and prospects including, but not limited to statements relating to enhancing commercialization and market adoption in Israel, being included in the Sick Funds for coverage and adding other products to be distributed per the Rhenium Agreement 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 those risks more fully discussed in the "Risk Factors" section of Rosetta’s most recently filed Annual Report on Form 20-F, as filed with the SEC. In addition, any forward-looking statements represent Rosetta’s views only as of the date of this release 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.