Atossa Genetics Announces Year End 2018 Financial Results and Provides Company Update

Date : 03/28/2019 @ 8:30PM
Source : GlobeNewswire Inc.
Stock : Atossa Genetics Inc (ATOS)
Quote : 2.06  0.05 (2.49%) @ 10:52PM

Atossa Genetics Announces Year End 2018 Financial Results and Provides Company Update

Atossa Genetics (NASDAQ:ATOS)
Historical Stock Chart

6 Months : From Mar 2019 to Sep 2019

Click Here for more Atossa Genetics Charts.

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 year end 2018 financial results and provided an update on recent company developments.

Steven C. Quay, M.D., Ph.D., Atossa Genetics’ President and CEO commented, "The end of 2018 marked two important milestones for Atossa. We completed the enrollment of our Phase 2 trial for topical Endoxifen in women with mammographic dense breasts. In addition, we received our first allowance by the FDA to provide Endoxifen through the federal “Expanded Access” program for a breast cancer patient prior to her surgery. We received a second allowance in March 2019 for this patient to continue treatment post-surgery. In the meantime, we continue to make great progress with our clinical programs and look forward to completing the dosing in the topical Endoxifen MBD trial in April and announcing preliminary results in the second quarter 2019."

Recent Corporate Developments 

  • Atossa's important recent developments include the following:
  • March 2019 - FDA approval of oral Endoxifen for "Expanded Access" as post-mastectomy treatment for a U.S. breast cancer patient
  • March 2019 – Atossa received $11.3 million from the exercise of warrants that were previously outstanding
  • February 2019 - Update from "Expanded Access" program for the U.S. breast cancer patient taking oral Endoxifen prior to surgery showing sizeable reduction in cancer cell biological activity with no safety or tolerability issues
  • February 2019 – Atossa provided breast cancer prevention recommendations to the United States Preventative Services Task Force
  • January 2019 – Successfully completed and provided final results from male Phase 1 study of topical Endoxifen; no clinically significant safety nor tolerability issues and acceptable pharmacokinetics
  • December 2018 - FDA approval of Endoxifen for "Expanded Access" as preoperative systemic endocrine therapy for a U.S. breast cancer patient
  • October 2018 - Completed enrollment in Phase 2 study of topical Endoxifen to treat mammographic breast density.

2018 Financial Results 

For the year end December 31, 2018 and 2017, we had no revenue and no associated cost of revenue.

Total operating expenses were $11,434,000 for the year ended December 31, 2018, which is an increase of $3,785,000 or 49 percent, from the year ended December 31, 2017. Operating expenses for 2018 consisted of research and development (R&D) expenses of $4,210,000 and general and administrative (G&A) expenses of $7,224,000. Operating expenses for 2017 consisted of R&D expenses of $2,328,000, G&A expenses of $4,859,000 and impairment of our Acueity intangible assets of $462,000.

R&D expenses for the year ended December 31, 2018, were $4,210,000, an increase of $1,882,000 or 81 percent from total R&D expenses in 2017 of $2,328,000. The increase in R&D expense is attributed to manufacturing and clinical trials associated with our Endoxifen program, salaries, and stock-based compensation. Our R&D expenses have increased because we commenced two Phase 2 studies of our proprietary Endoxifen during the year ended December 31, 2018. There were no Phase 2 studies of Endoxifen in 2017. Stock-based compensation expense also increased approximately $627,000 in 2018 as compared to 2017. We expect our R&D expenses to increase throughout 2019 as we commence additional Phase 2 clinical studies of Endoxifen, continue the clinical trial of fulvestrant administered via our microcatheters and continue the development of other indications and therapeutics, including CAR-T and immunotherapies administered via our intraductal technology.

G&A expenses were $7,224,000 for the year ended December 31, 2018, an increase of $2,365,000, or 49 percent from the total G&A expenses for the year ended December 31, 2017, of $4,859,000. G&A expenses consist primarily of personnel and related benefit costs, facilities, professional services, insurance, and public company related expenses. The increase in G&A expenses for year ended December 31, 2018, is mainly attributed to an increase in stock-based compensation expense of approximately $1,049,000, payroll expenses resulting from salary increases, one-time bonus payments of $350,000 and increased legal and professional consulting expenses of approximately $600,000 over the prior year.

As of December 31, 2018, the company had cash, cash equivalents and restricted cash of $10.5 million and in March 2019 received $11.3 million in additional cash from the exercise of previously outstanding warrants.

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 any variation between preliminary and final clinical results, actions and inactions by the FDA, the outcome or timing of regulatory approvals needed by Atossa including those needed to commence studies, lower than anticipated rate of patient enrollment, estimated market size of drugs under development, 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 with respect to fulvestrant, such as patent rights, potential market sizes for Atossa's drugs under development 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 Form10-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 Core IR377 Oak StreetConcourse 2Garden City, NY 11530Office:(516) 222-2560scottg@corprominence.com 

Source: Atossa Genetics Inc.

ATOSSA GENETICS INC.

CONSOLIDATED BALANCE SHEETS

 As of December 31,  
Assets2018  2017 
Current assets       
Cash and cash equivalents$10,380,493  $7,217,469 
Restricted cash 110,000   55,000 
Prepaid expenses 509,833   250,944 
Research and development tax rebate receivable 518,098   358,277 
Other current assets 30,942   16,344 
Total current assets 11,549,366   7,898,034 
        
Furniture and equipment, net 54,487   11,467 
Intangible assets, net 99,375   75,686 
Other assets 17,218   178,907 
Total Assets$11,720,446  $8,164,094 
        
Liabilities and Stockholders' Equity       
Current liabilities       
Accounts payable$353,328  $334,901 
Accrued expenses 177,074   90,105 
Payroll liabilities 935,070   784,867 
Stock-based compensation liability 1,410,025     
Other current liabilities 39,939   15,534 
Total Current Liabilities 2,915,436   1,225,407 
        
Commitments and contingencies       
Stockholders' equity       
Preferred stock - $0.001 par value; 10,000,000 shares authorized, consisting of Series A convertible preferred stock- $0.001 par value; 4,000 shares authorized, and 0 shares outstanding as of December 31, 2018 and December 31, 2017; Series B convertible preferred stock- $0.001 par value; 25,000 and 0 shares authorized, and 2,379 and 0 shares issued and outstanding as of December 31, 2018 and December 31, 2017, respectively 2     
Additional paid-in capital - Series B convertible preferred stock 2,378,997     
Common stock - $0.18 par value; 175,000,000 shares authorized, and 5,846,552 and 2,651,952 shares issued and outstanding, as of December 31, 2018 and December 31, 2017, respectively 1,052,372   477,342 
Additional paid-in capital 82,204,902   71,887,674 
Accumulated deficit (76,831,263)  (65,426,329)
Total Stockholders' Equity 8,805,010   6,938,687 
        
Total Liabilities and Stockholders' Equity$11,720,446  $8,164,094 
        

ATOSSA GENETICS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 For the Years Ended December 31,  
 2018  2017 
        
Operating Expenses       
Research and development$4,209,981  $2,328,087 
General and administrative 7,224,252   4,859,369 
Impairment of intangible assets     461,715 
Total operating expenses 11,434,233   7,649,171 
Operating loss (11,434,233)  (7,649,171)
Change in fair value of common stock warrants     (280,747)
Warrant financing expense     (192,817)
Other income 29,299   154 
Loss before income taxes (11,404,934)  (8,122,581)
Income taxes       
Net loss$(11,404,934) $(8,122,581)
Deemed dividend attributable to preferred stock (11,479,308)  (2,568,132)
Net loss applicable to common shareholders$(22,884,242) $(10,690,713)
Loss per common share - basic and diluted$(5.50) $(10.97)
Weighted average shares outstanding - basic and diluted 4,157,746   974,773 
        

Latest ATOS Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.