Rosetta Genomics Restructuring

by Chris on October 5, 2010

in Press Release

Rosetta Genomics, Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostics, today announced a corporate restructuring that is expected to result in a 32% reduction in the Company’s monthly burn rate, thereby reducing annual operating expenses by approximately $4 million. Under the restructuring, Rosetta Genomics will eliminate 14 positions or nearly 20% of its global workforce, primarily in research and development and general and administrative positions. In addition, all Company employees will move to a four-day work week with an attendant 20% reduction in salary. Most of these measures will go into effect immediately and the full impact of these reductions will go into effect in early December 2010. In light of these planned changes, the Company believes it has sufficient cash and cash equivalents to fund operations through March 2011. (read more… )

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