Atossa Genetics Announces Second Quarter 2017 Financial Results And Provides Company Update
August 14 2017 - 04:30PM
Atossa Genetics Inc. (NASDAQ:ATOS) today announced Second Quarter
ended June 30, 2017 financial results and provided an update on
recent company developments.
Steve Quay, President and CEO, commented, “We have reached an
important milestone by completing enrollment in both the topical
and oral arms of our Phase 1 Endoxifen study. We look forward to
announcing preliminary top-line results from the topical arm of our
endoxifen study later this quarter.”
Recent Corporate Developments
Atossa’s important recent developments include the
following:
- Completed enrollment in both the oral and topical arms of our
proprietary Endoxifen Phase 1 dose escalation study.
- Completed capital raise of approximately $4.4 million gross
proceeds.
- Eliminated warrants to purchase approximately 3 million shares
of common stock through cashless warrant exercises on June 30 and
subsequent to that eliminated warrants to purchase approximately an
additional 1.6 million shares of common stock through cash
exercises.
- Received multiple positive interim safety assessments from the
safety committee on our proprietary Endoxifen Phase 1 dose
escalation study.
- Completed the transfer of the Fulvestrant Microcatheter Phase 2
study to Montefiore Medical Center.
Q2 2017 Financial Results
We are in the research and development phase and we did not
generate revenue for the three and six months ended June 30,
2017.
Total operating expenses were approximately $1.9 million and
$3.6 million for the three and six months ended June 30, 2017,
respectively, consisting of general and administrative (G&A)
expenses of approximately $1.1 million and $2.2 million,
respectively, and research and development (R&D) expenses of
approximately $0.8 million and $1.4 million, respectively. Total
operating expenses were approximately $1.7 million and $4.0 million
for the three and six months ended June 30, 2016, respectively,
consisting of G&A expense of approximately $1.6 million and
$3.7 million, respectively, and R&D expenses of $0.2 million
and $0.3 million, respectively.
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)
|
|
June 30, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,690,023 |
|
|
$ |
3,027,962 |
|
Restricted cash |
|
|
55,000 |
|
|
|
55,000 |
|
Prepaid expenses |
|
|
228,370 |
|
|
|
171,601 |
|
Other accounts receivable |
|
|
2,736 |
|
|
|
|
|
Total current assets |
|
|
3,976,129 |
|
|
|
3,254,563 |
|
|
|
|
|
|
|
|
|
|
Furniture and equipment, net |
|
|
18,989 |
|
|
|
55,119 |
|
Intangible assets, net |
|
|
585,683 |
|
|
|
640,440 |
|
Other assets |
|
|
128,577 |
|
|
|
194,250 |
|
Total assets |
|
$ |
4,709,378 |
|
|
$ |
4,144,372 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
495,811 |
|
|
$ |
254,320 |
|
Accrued expenses |
|
|
44,017 |
|
|
|
16,964 |
|
Payroll liabilities |
|
|
482,420 |
|
|
|
769,899 |
|
Common stock warrant liability |
|
|
864,371 |
|
|
|
|
|
Other current liabilities |
|
|
19,157 |
|
|
|
6,083 |
|
Total current liabilities |
|
|
1,905,776 |
|
|
|
1,047,266 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (note 13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
|
Preferred stock - $.001 par value; 10,000,000 shares
authorized, consisting of: |
|
|
|
|
|
|
|
|
Series A convertible preferred stock- $.001 par value;
4,000 and 0 shares authorized, and 839 and 0 shares issued and
outstanding, as of June 30, 2017 and December 31, 2016,
respectively |
|
|
1 |
|
|
|
|
|
Additional paid in capital- Series A convertible preferred
stock |
|
|
774,977 |
|
|
|
|
|
Common stock - $.015 par value; 75,000,000 shares
authorized, 10,032,410 and 3,786,913 shares issued and
outstanding, as of June 30, 2017 and December 31, 2016,
respectively |
|
|
150,486 |
|
|
|
56,804 |
|
Additional paid-in capital |
|
|
63,126,929 |
|
|
|
60,344,050 |
|
Accumulated deficit |
|
|
(61,248,791 |
) |
|
|
(57,303,748 |
) |
Total stockholders’ equity |
|
|
2,803,602 |
|
|
|
3,097,106 |
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
|
$ |
4,709,378 |
|
|
$ |
4,144,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATOSSA GENETICS INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(UNAUDITED)
|
|
For the Three Months Ended
June 30, |
|
|
For The Six Months Ended
June 30, |
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
$ |
824,094 |
|
|
$ |
168,992 |
|
|
$ |
1,368,396 |
|
|
$ |
318,963 |
|
General and
administrative |
|
|
1,072,169 |
|
|
|
1,553,391 |
|
|
|
2,214,712 |
|
|
|
3,730,960 |
|
Total operating expenses |
|
|
1,896,263 |
|
|
|
1,722,383 |
|
|
|
3,583,108 |
|
|
|
4,049,923 |
|
Operating
loss |
|
|
(1,896,263 |
) |
|
|
(1,722,383 |
) |
|
|
(3,583,108 |
) |
|
|
(4,049,923 |
) |
Change in fair
value of common stock warrants |
|
|
(152,447 |
) |
|
|
|
|
|
|
(152,447 |
) |
|
|
|
|
Warrant
financing expense |
|
|
(192,817 |
) |
|
|
|
|
|
|
(192,817 |
) |
|
|
|
|
Other income
(expense), net |
|
|
38 |
|
|
|
|
|
|
|
(16,671 |
) |
|
|
|
|
Loss before
income taxes |
|
|
(2,241,489 |
) |
|
|
(1,722,383 |
) |
|
|
(3,945,043 |
) |
|
|
(4,049,923 |
) |
Income
taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(2,241,489 |
) |
|
$ |
(1,722,383 |
) |
|
$ |
(3,945,043 |
) |
|
$ |
(4,049,923 |
) |
Deemed
dividends attributable to Series A Preferred Stock
|
|
|
(2,568,132 |
) |
|
|
|
|
|
|
(2,568,132 |
) |
|
|
|
|
Net loss
applicable to common stockholders |
|
$ |
(4,809,621 |
) |
|
$ |
(1,722,383 |
) |
|
$ |
(6,513,175 |
) |
|
$ |
(4,049,923 |
) |
Loss per common
share - basic and diluted |
|
$ |
(0.64 |
) |
|
$ |
(0.67 |
) |
|
$ |
(1.15 |
) |
|
$ |
(1.63 |
) |
Weighted
average shares outstanding, basic and diluted |
|
|
7,476,046 |
|
|
|
2,587,871 |
|
|
|
5,641,671 |
|
|
|
2,485,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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