SOURCE: Atossa Genetics Inc

Atossa Genetics Inc

September 03, 2014 08:00 ET

Atossa Genetics Inc. Hires Scott Youmans as Senior Vice President of Operations

SEATTLE, WA--(Marketwired - Sep 3, 2014) - Atossa Genetics Inc. (NASDAQ: ATOS) today announced that it has hired Scott Youmans as Senior Vice President of Operations effective September 2, 2014. 

Mr. Youmans brings 20 years of medical device development and manufacturing experience in both U.S. and international markets. Throughout his 20 year career, he has focused on developing, manufacturing and commercializing complex, innovative technologies in a wide variety of clinical applications including: targeted drug delivery, peripheral vascular atherectomy, coronary atherectomy, thrombectomy, biopsy tools, and beating heart support. He brings experience in rapid product iteration, design controls, continuous improvement, supply chain development and management, product life-cycle management, project management, pre-clinical studies, clinical studies and clinical field support. Mr. Youmans replaces Peter Carbonaro, the former Senior Vice President of Operations.

"We are thrilled to have Mr. Youmans join us at this critical time in the development of our devices and laboratory services," said Dr. Steven C. Quay, CEO and President of Atossa. "He has deep experience in all facets of device manufacturing and significant experience at healthcare companies conducting clinical trials and developing and commercializing new products and technologies," he continued.

Prior to joining Atossa Genetics, Mr. Youmans directed the development of the Precision Olfactory Delivery Device at Impel Neuropharma. From 2000-2013, Mr. Youmans held increasingly responsible roles at Pathway Medical Technologies, including VP of Engineering since 2003. From 1999 to 2000 he was a Senior Engineer and Project Leader developing novel technology at A-MED Systems. From 1994 to 1999 he was a Principal Engineer and Project Leader at Boston Scientific's Northwest Technology Center. Prior to that he held technical roles in the rapid development and high volume manufacture of precision mechanical injection molded components. Mr. Youmans holds a Bachelor of Science degree in Manufacturing Engineering Technology from Western Washington University.

On September 2, 2014, and as an inducement to cause Mr. Youmans to join the Company, he was awarded an option to purchase a total of 200,000 shares of common stock of the Company, par value $0.001 per share, which are outside the Company's 2010 Stock Option and Incentive Plan but are subject to the terms of that plan. The stock option has an exercise price equal to $1.86 per share, the fair market value on the grant date and vests over a four-year period from his commencement of service. This stock option was granted as an inducement material to Mr. Youmans' entering into employment with the Company and is being reported in accordance with NASDAQ Listing Rule 5635(c)(4).

About Atossa Genetics

Atossa Genetics Inc. is focused on improving breast health through the development of laboratory services, medical devices and therapeutics. The laboratory services are being developed by its subsidiary, The National Reference Laboratory for Breast Health, Inc. The laboratory services and the Company's medical devices are being developed so they can be used as companions to therapeutics to treat various breast health conditions. For additional information, please visit www.atossagenetics.com.

Forward-Looking Statements

Forward-looking statements in this press release 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 by the FDA, including timing of review by the FDA of 510(k) submissions, and actions related thereto including whether the FDA agrees with study design, protocol and conclusions, whether Atossa can submit additional information to the FDA in a timely fashion and whether the FDA will find that information acceptable and/or request additional information and/or clear the ForeCYTE Breast Aspirator for marketing in the U.S., the outcome of the FDA re-inspection completed on March 14, 2014, the outcome or timing of regulatory clearances needed by Atossa to sell its products, responses to regulatory matters, Atossa's ability to continue to manufacture and sell its products, recalls of products, the efficacy of Atossa's products and services, performance of distributors, estimated future expenses and cash needs, whether Atossa can launch in the United States and foreign markets the additional tests, devices and therapeutics in its pipeline in a timely and cost effective manner, 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.