Atossa Genetics Announces Receipt of $10 Million
March 18 2019 - 8:30AM
Atossa Genetics Inc. (Nasdaq: ATOS), a clinical-stage
biopharmaceutical company developing novel therapeutics and
delivery methods to treat breast cancer and other breast
conditions, today announced that on March 14 and 15, 2019, it
received approximately $10 million from exercises of previously
outstanding warrants. The warrants were issued by the Company in
the rights offering completed May 30, 2018. As result of the
warrant exercises, the Company retired 2.5 million warrants and
issued 2.5 million shares of common stock.
“The $10 million in cash proceeds significantly enhances our
cash position and provides working capital for our ongoing and
planned clinical studies,” commented Kyle Guse, CFO and General
Counsel of Atossa Genetics. “Moreover, the warrant exercises are
essentially ‘non-dilutive’ because the warrants were previously
outstanding and are now removed from our overhang.”
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The warrants and underlying common stock are
registered on Form S-1 (Reg. No. 333-223949) on file with
the U.S. Securities and Exchange Commission (the "SEC"). The
registration statement was declared effective by the SEC on May 9,
2018. The registration statement is available on the SEC's web site
at http://www.sec.gov.
About Atossa Genetics
Atossa Genetics Inc. is a clinical-stage biopharmaceutical
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, higher
than anticipated drop-outs by study participants including because
of skin irritations in our Phase 2 breast density study, 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 Company Contact: Atossa Genetics Inc. Kyle Guse
CFO and General Counsel Office: 866 893-4927
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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