Rosetta Genomics Ltd. said Tuesday it is eliminating 35 jobs, which will cut its spending by about half.
The company said it has already sent notices eliminating 24 jobs, and it will cut 11 more as soon as it can provide notices under Israeli law. Rosetta Genomics said most of the jobs are in research and development or general and administrative areas. The Israeli company said the job cuts will take effect in early November and will cut its monthly spending in half, which will reduce its annual spending by $4.2 million.
Rosetta Genomics develops and sells microRNA cancer tests under the name miRview. Its products include test that can the identify origin of tumors, and differentiate between types of lung and kidney tumors. The company said it now has a U.S. oncology sales force and is focused on commercialization rather than research and development. Rosetta Genomics launched a lung cancer test in July, and this year it has announced worldwide marketing agreements for a mesothelioma test and a distribution deal for miRview tests in China.
Shares of Rosetta Genomics Ltd. rose 8 cents, or 7.8 percent, to $1.10 in afternoon trading.