Rosetta Genomics Ltd. (Nasdaq:ROSG) is to fire 14 employees, 20% of its staff, and cut the salaries of remaining employees by 20%. After the layoffs the company will have 56 employees, down from 100 in 2008.

The cuts will only enable Rosetta Genomics to continue funding activities until the end of March 2011.

Rosetta Genomics CEO Kenneth Berlin said, “Over the years Rosetta Genomics has invested significantly in the development of our proprietary microRNA technology platform, and today we have a robust portfolio of diagnostic tests on the market, nearing commercial launch, and in development."

He added, “We are undertaking these cost-saving measures to ensure that the company has sufficient financial resources to implement its growth strategy through to key inflection points including new product launches, license agreements, and potential partnerships that would provide the company with additional cash infusions,” Berlin continues. “Importantly, these initiatives are not expected to affect the planned launches of our second generation of miRview™ diagnostic tests or to significantly alter the plans for our third-generation of diagnostic products currently in discovery.”

Rosetta's shares feel heavily for the second straight day on morning trading on Nasdaq and were down 7.41% to $1.00.

Published by Globes, Israel business news - www.globes-online.com - on October 6, 2010

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