SOURCE: Atossa Genetics, Inc.

Atossa Genetics, Inc.

May 11, 2017 17:30 ET

Atossa Genetics Announces First Quarter 2017 Financial Results and Provides Company Update

SEATTLE, WA--(Marketwired - May 11, 2017) - Atossa Genetics, Inc. (NASDAQ: ATOS) today announced First Quarter ended March 31, 2017 financial results and provided an update on recent company developments. 

Steve Quay, President and CEO, commented, "We are encouraged by our positive progress in advancing the endoxifen program with our ongoing Phase 1 endoxifen study and pleased that our fulvestrant microcatheter study is proceeding at Montefiore Medical Center. We look forward to completing our endoxifen Phase 1 study in the next quarter and commencing a Phase 2 study in the second half of 2017."

Recent Corporate Developments 

Atossa's important recent developments include the following:

  • May 2017 - Atossa received second positive safety decision in Phase 1 topical endoxifen study.
  • May 2017 - Institutional Review Board approved continuation of fulvestrant microcatheter Phase 2 study at Montefiore Medical Center.
  • April 2017 - Atossa received positive interim review from independent safety committee in Phase 1 topical endoxifen study.
  • April 2017 - Atossa enrolled first cohort of eight subjects in endoxifen study.
  • March 2017 - Atossa raised approximately $4.4 million in gross proceeds in a public offering.
  • March 2017 - Atossa opened its endoxifen Phase 1 clinical study.
  • Atossa plans to commence a Phase 2 clinical study of endoxifen in the second half of 2017.

Q1 2017 Financial Results  

We are in the research and development phase and do not generate revenue.

Operating expenses: Total operating expenses were approximately $1.7 million for the three months ended March 31, 2017, consisting of general and administrative (G&A) expenses of approximately $1.1 million and R&D expenses of approximately $544,000. Operating expenses for the three months ended March 31, 2017 decreased approximately $641,000, or 27.5%, from approximately $2.3 million for the three months ended March 31, 2016, which consisted of G&A expenses of approximately $2.2 million, and R&D expenses of approximately $150,000.

The Company recorded a net loss of $1.7 million, for the three months ended March 31, 2017, as compared to a net loss of $2.3 million for the three months ended March 31, 2016.

About Atossa Genetics

Atossa Genetics, Inc., is a clinical-stage pharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions. For more information, please visit www.atossagenetics.com.

Forward-Looking Statements

Forward-looking statements in this press release, which Atossa undertakes no obligation to update, are subject to risks and uncertainties that may cause actual results to differ materially from the anticipated or estimated future results, including the risks and uncertainties associated with actions and inactions by the FDA, the outcome or timing of regulatory approvals needed by Atossa, lower than anticipated rate of patient enrollment, results of clinical studies, the safety and efficacy of Atossa's products and services, performance of clinical research organizations and investigators, obstacles resulting from proprietary rights held by others, such as patent rights, and other risks detailed from time to time in Atossa's filings with the Securities and Exchange Commission, including without limitation its periodic reports on Form 10-K and 10-Q, each as amended and supplemented from time to time.

   
ATOSSA GENETICS, INC.  
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
   
           
  March 31,     December 31,  
  2017     2016  
Assets              
Current assets              
  Cash and cash equivalents $ 1,167,011     $ 3,027,962  
  Restricted cash   55,000       55,000  
  Prepaid expense   294,831       171,601  
  Total current assets   1,516,842       3,254,563  
               
  Furniture and equipment, net   27,761       55,119  
  Intangible assets, net   610,013       640,440  
  Other assets   148,566       194,250  
  Total assets $ 2,303,182     $ 4,144,372  
               
  Liabilities and Stockholders' Equity              
               
  Current liabilities              
  Accounts payable $ 386,877     $ 254,320  
  Accrued expenses   34,610       16,964  
  Payroll liabilities   330,889       769,899  
  Other current liabilities   22,401       6,083  
  Total current liabilities   774,777       1,047,266  
               
Commitments and contingencies              
               
  Stockholders' equity              
  Preferred stock - $.001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding   -       -  
  Common stock - $.015 par value; 75,000,000 shares authorized, 3,786,913 shares issued and outstanding   56,804       56,804  
  Additional paid-in capital   60,478,903       60,344,050  
  Accumulated deficit   (59,007,302 )     (57,303,748 )
  Total stockholders' equity   1,528,405       3,097,106  
               
Total liabilities and stockholders' equity $ 2,303,182     $ 4,144,372  
               
               
               
ATOSSA GENETICS, INC.  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(UNAUDITED)  
   
  For the Three Months Ended
March 31,
 
  2017     2016  
Operating expenses:              
  Research and development $ 544,302     $ 149,971  
  General and administrative   1,142,544       2,177,569  
    Total operating expenses   1,686,846       2,327,540  
Operating loss   (1,686,846 )     (2,327,540 )
Other expense, net   (16,708 )     -  
Loss before income taxes   (1,703,554 )     (2,327,540 )
Income taxes   -       -  
  Loss from operations   (1,703,554 )     (2,327,540 )
Net loss $ (1,703,554 )   $ (2,327,540 )
Loss per common share - basic and diluted $ (0.45 )   $ (0.98 )
Weighted average shares outstanding, basic and diluted   3,786,913       2,382,757  
               

Contact Information

  • Atossa Genetics Company Contact:

    Atossa Genetics, Inc.
    Kyle Guse
    CFO and General Counsel
    (O) 800-351-3902
    kyle.guse@atossagenetics.com

    Investor Relations Contact

    Scott Gordon
    CorProminence LLC
    377 Oak Street
    Concourse 2
    Garden City, NY 11530
    Office: 516.222.2560
    scottg@corprominence.com