SOURCE: Atossa Genetics, Inc.

Atossa Genetics, Inc.

June 27, 2011 08:00 ET

Atossa Genetics Completes $6.6 Million Over-Subscribed Private Placement

SEATTLE, WA--(Marketwire - Jun 27, 2011) - Atossa Genetics, Inc., a privately-held health care company focused on the development and marketing of novel cellular and molecular diagnostic risk assessment products for breast cancer, announced today that it has completed a private placement to accredited investors. The transaction was initially targeted to raise $6.0 million but was over-subscribed, raising gross proceeds of $6.6 million.

Proceeds from the offering will be used to produce the MACST System in commercial quantities; establish a cytology and molecular diagnostics laboratory focused on breast health; launch the Mammary Aspirate Specimen Cytology Test System (MASCT System) in the Northwestern United States, including hiring and training sales personnel; continue development of the second generation MASCT System; and develop additional products and services.

"We are excited to have achieved this critical funding milestone, which will allow us to make our patented, FDA-cleared MASCT system available to physicians and patients beginning in the Northwestern United States this year," commented Steven C. Quay, M.D., Ph.D., FCAP, President and CEO. "We believe the MASCT System holds great promise as an enabling technology that will empower doctors and their at-risk patients with information to aid them in developing appropriate monitoring and treatment strategies to help prevent breast cancer. This financing, which raised more than we had initially sought, demonstrates the enthusiasm for Atossa's breast cancer risk assessment test and business model. This is a major step forward in helping us realize the potential of our products and services in improving breast health."

Joseph Balagot, Senior Managing Director of Investment Banking at Dawson James Securities, commented, "Atossa's ability to complete this significant financing round, particularly in such a challenging funding environment, is a testament to the enthusiasm demonstrated by investors for Atossa's products and services."

About the Mammary Aspirate Specimen Cytology Test System

The MASCT System, a "Pap test for breast cancer," is designed to collect nipple aspirate fluid (NAF), which contains cells from the lining of the milk ducts and the lobules where approximately 85% of all breast cancers originate. Once collected, the NAF sample will undergo analysis in Atossa's specially equipped pathology lab to determine whether the cells are normal, atypical (premalignant), or malignant. The MASCT System uses no radiation, is simple, painless, and inexpensive, and takes less than 5 minutes in a doctor's office or mammography center. The MASCT System is intended as an adjunct to mammography for women ages 40 to 75 and for younger women at high risk for breast cancer.

The MASCT System is expected to be launched in the Pacific Northwest this year and across the U.S. in 2012.

About Atossa Genetics, Inc.

Atossa Genetics, Inc. is a privately-held health care company dedicated to improving breast health by commercializing the Mammary Aspirate Specimen Cytology Test System (MASCT System) and second-generation products in development. Patients, health care providers, investors and others seeking information on the MASCT System or the latest information and research on breast cancer risk assessment, diagnostics, prevention, and treatment options, should visit www.atossagenetics.com.

Contact Information

  • Contacts:

    Steven C. Quay, M.D., Ph.D., FCAP
    (Corporate)
    Chairman, President and CEO
    206-325-6086
    Email Contact

    Matthew D. Haines
    (Investors and Media)
    Managing Director
    MBS Value Partners
    212-710-9686
    Email Contact