Basically it sounds like the Chinese company didn’t pay for the rights to market Rosetta’s diagnostic products. Rosetta is an interesting company using mRNA and back a couple years ago I interviewed the company and learned about their test that determines “cancer of the unknown primary” which means that cancer in the kidney for example may not really be kidney cancer but rather a cancer that originated in another part of the body and treatments are very specific today for cancer types. Medicare just announced a few days ago that they would cover Rosetta’s tests as well. BD
NEW YORK (GenomeWeb News) – Rosetta Genomics said today it is terminating a licensing deal with Avatao Biotech, accusing the Chinese diagnostic firm of material breach of an agreement.
The Israel-based molecular diagnostics firm said in a document filed with the US Securities and Exchange Commission that it delivered notice to Avatao on June 12 of its decision to terminate an agreement reached by the two companies in October covering China.
The deal between the two companies gave Avatao exclusive rights to market Rosetta's miRview mets and miRview mets2 diagnostic tests in China. Avatao also had the rights to market an additional Rosetta product in China, to be chosen within one year. In addition to China, the deal covered Hong Kong, Macau, and Taiwan.