SOURCE: Atossa Genetics Inc

Atossa Genetics Inc

December 19, 2014 08:00 ET

Atossa Genetics Inc. Provides Update on Pharmacogenetics Testing Now Offered by The National Reference Laboratory for Breast Health, Inc.

SEATTLE, WA--(Marketwired - Dec 19, 2014) - Atossa Genetics Inc. (NASDAQ: ATOS) today announced that its subsidiary, The National Reference Laboratory for Breast Health, Inc. (the NRLBH), a CLIA-certified laboratory located in Seattle, Washington, has begun to offer pharmacogenetics testing, which are tests to help doctors prescribe drugs and doses best suited for each person based on an analysis of their genetics. The NRLBH is providing the following information about this new test:

  • Since first making the test available in late October 2014, the NRLBH has now processed more than 500 pharmacogenetics tests for U.S. patients with an average retail price of approximately $1,700 per patient. The NRLBH is also in the process of offering the test in select European markets.

  • The NRLBH has the current capacity to process approximately 5,000 pharmacogenetics tests per month and can increase capacity by hiring additional employees and adding additional equipment to its facility.

  • The NRLBH has engaged BioVentive Inc. as its sales and marketing partner for the pharmacogenetics tests in the United States. BioVentive provides an experienced sales and marketing team of over 85 women's health sales representatives who bring their sales experience from some of the largest Fortune 100 healthcare organizations across the United States.

  • The NRLBH plans to utilize its third-party reimbursement firms, FedMed, MultiPlan and HealthSmart, to maximize the amount and speed of collections and help ensure that insurance companies that are members of these organizations pay for this test for their covered patients. Approximately 20% of Americans are covered by MultiPlan, and FedMed has more than 40 million members.

"Each year more than two million U.S. patients have adverse drug reactions resulting in more than 100,000 deaths," commented Steven C. Quay, CEO and President of Atossa Genetics. "We are very glad to be expanding the services offered by the NRLBH by providing this important test and we are encouraged by the traction we are seeing with the BioVentive sales force," added Dr. Quay. Kyle Guse, CFO and General Counsel, commented, "Our financial strategy is to maximize the revenue and profitability of the pharmacogenetics testing to help finance our broader business. We expect that the pharmacogenetics testing revenue should add substantially to our bottom line and help finance our therapeutic development and device business in a non-dilutive manner."

About the NRLBH and Atossa Genetics

Atossa Genetics Inc. is focused on improving breast health through the development of laboratory developed procedures, medical devices and therapeutics. The laboratory procedures are being developed by its subsidiary, the NRLBH. 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 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. Those risks and uncertainties include, for example, actions by the FDA, performance of commercial partners, reimbursement rates by Medicare and private payors, collections for laboratory services and whether the NRLBH can commercialize its laboratory services in a timely and cost effective manner.