Atossa Genetics Announces Third Quarter 2017 Financial Results And Provides Company Update
November 14 2017 - 8:00AM
Atossa Genetics Inc. (NASDAQ:ATOS) (“Atossa” or the “Company”), a
clinical-stage pharmaceutical company developing novel therapeutics
and delivery methods for breast cancer and other breast conditions,
today announced third quarter ended September 30, 2017 financial
results and provided an update on recent company developments.
Steve Quay, President and CEO, commented, “We are very pleased
with our recent clinical progress with our Endoxifen programs.
Preliminary results from our Phase 1 study show that all objectives
of both our proprietary topical and oral formulations of Endoxifen
have been met. We recently raised capital to support advancement of
our Endoxifen programs into Phase 2 trials.”
Recent Corporate Developments
Atossa’s important recent developments include the
following:
- Completed a public offering of common stock with gross proceeds
of $5.5 million.
- Announced the preliminary results from the Phase 1 study of
oral Endoxifen with all objectives successfully met: there were no
clinically significant safety signals and no clinically significant
adverse events; oral Endoxifen was well tolerated; and study
participants exhibited dose-dependent Endoxifen levels consistent
with the therapeutic ranges identified in published reports.
- Announced a new program using Chimeric Antigen Receptor
Therapy, or CAR-T. Atossa plans to use its proprietary intraductal
microcatheter technology to deliver CAR-T cells into the ducts of
the breast for the potential targeted treatment of breast
cancer.
- Announced an upcoming Phase 2 Study of proprietary topical
Endoxifen for the treatment of women with mammographic breast
density, or MBD, which will be conducted by Stockholm South General
Hospital in Sweden. The study will be led by principal investigator
Dr. Per Hall, MD, Ph.D., Head of the Department of Medical
Epidemiology and Biostatistics at Karolinska Institutet.
- Announced the preliminary results from the Phase 1 study of
topical Endoxifen with all objectives successfully met: there were
no clinically significant safety signals and no clinically
significant adverse events; the topical Endoxifen was well
tolerated; and there were low but measurable Endoxifen levels
detected in the blood in a dose-dependent fashion.
Q3 2017 Financial Results
We are in the research and development phase and we did not
generate revenue for the three and nine months ended September 30,
2017.
Total operating expenses were approximately $2.1 million and
$5.6 million for the three and nine months ended September 30,
2017, respectively, consisting of general and administrative
(G&A) expenses of approximately $1.3 million and $3.5 million,
respectively, and research and development (R&D) expenses of
approximately $0.7 million and $2.1 million, respectively. Total
operating expenses were approximately $1.6 million and $5.4 million
for the three and nine months ended September 30, 2016,
respectively, consisting of G&A expense of approximately $1.5
million and $5.0 million, respectively, and R&D expenses of
$0.1 million and $0.4 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 any variation between
preliminary and final clinical results, actions and inactions by
the FDA, the outcome or timing of regulatory approvals needed by
Atossa, 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 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 (O) 866
893-4927 kyle.guse@atossagenetics.com
Investor Relations Contact
Scott GordonCorProminence LLC377 Oak StreetConcourse 2Garden
City, NY 11530Office: 516.222.2560scottg@corprominence.com
ATOSSA GENETICS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
September 30, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
2,733,663 |
|
|
$ |
3,027,962 |
|
Restricted cash |
|
|
55,000 |
|
|
|
55,000 |
|
Prepaid
expenses |
|
|
157,406 |
|
|
|
171,601 |
|
Other
accounts receivable |
|
|
4,040 |
|
|
|
|
|
Total
current assets |
|
|
2,950,109 |
|
|
|
3,254,563 |
|
|
|
|
|
|
|
|
|
|
Furniture
and equipment, net |
|
|
14,435 |
|
|
|
55,119 |
|
Intangible assets, net |
|
|
561,354 |
|
|
|
640,440 |
|
Other
assets |
|
|
108,723 |
|
|
|
194,250 |
|
Total
assets |
|
$ |
3,634,621 |
|
|
$ |
4,144,372 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
380,399 |
|
|
$ |
254,320 |
|
Accrued
expenses |
|
|
50,542 |
|
|
|
16,964 |
|
Payroll
liabilities |
|
|
627,587 |
|
|
|
769,899 |
|
Other
current liabilities |
|
|
13,295 |
|
|
|
6,083 |
|
Total
current liabilities |
|
|
1,071,823 |
|
|
|
1,047,266 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (note 13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Preferred
stock - $.001 par value; 10,000,000 shares authorized, no shares
issued or outstanding |
|
|
|
|
|
|
|
|
Common
stock - $.015 par value; 75,000,000 shares authorized, 14,022,741
and 3,786,913 shares issued and outstanding, as of September 30,
2017 and December 31, 2016, respectively |
|
|
210,341 |
|
|
|
56,804 |
|
Additional paid-in capital |
|
|
65,785,758 |
|
|
|
60,344,050 |
|
Accumulated deficit |
|
|
(63,433,301 |
) |
|
|
(57,303,748 |
) |
Total
stockholders’ equity |
|
|
2,562,798 |
|
|
|
3,097,106 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity |
|
$ |
3,634,621 |
|
|
$ |
4,144,372 |
|
ATOSSA GENETICS INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED)
|
|
For the Three Months Ended September 30, |
|
|
For The Nine Months Ended September 30, |
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
$ |
742,450 |
|
|
$ |
85,000 |
|
|
$ |
2,110,846 |
|
|
$ |
403,963 |
|
General and
administrative |
|
|
1,313,477 |
|
|
|
1,473,435 |
|
|
|
3,528,189 |
|
|
|
5,040,939 |
|
Total operating
expenses |
|
|
2,055,927 |
|
|
|
1,558,435 |
|
|
|
5,639,035 |
|
|
|
5,444,902 |
|
Operating loss |
|
|
(2,055,927 |
) |
|
|
(1,558,435 |
) |
|
|
(5,639,035 |
) |
|
|
(5,444,902 |
) |
Change in fair value of
common stock warrants |
|
|
(128,300 |
) |
|
|
|
|
|
|
(280,747 |
) |
|
|
|
|
Warrant financing
expense |
|
|
|
|
|
|
|
|
|
|
(192,817 |
) |
|
|
|
|
Other income (expense),
net |
|
|
(283 |
) |
|
|
1,763,124 |
|
|
|
(16,954 |
) |
|
|
1,599,667 |
|
Income (loss) before
income taxes |
|
|
(2,184,510 |
) |
|
|
204,689 |
|
|
|
(6,129,553 |
) |
|
|
(3,845,235 |
) |
Income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(2,184,510 |
) |
|
$ |
204,689 |
|
|
$ |
(6,129,553 |
) |
|
$ |
(3,845,235 |
) |
Deemed dividends
attributable to Series A Preferred Stock |
|
|
|
|
|
|
|
|
|
|
(2,568,132 |
) |
|
|
|
|
Net income (loss)
applicable to common stockholders |
|
$ |
(2,184,510 |
) |
|
$ |
204,689 |
|
|
$ |
(8,697,685 |
) |
|
$ |
(3,845,235 |
) |
Income (loss) per
common share - basic and diluted |
|
$ |
(0.18 |
) |
|
$ |
0.07 |
|
|
$ |
(1.10 |
) |
|
$ |
(1.44 |
) |
Weighted average shares
outstanding, basic and diluted |
|
|
12,411,145 |
|
|
|
3,024,393 |
|
|
|
7,886,210 |
|
|
|
2,665,904 |
|
Atossa Therapeutics (NASDAQ:ATOS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Atossa Therapeutics (NASDAQ:ATOS)
Historical Stock Chart
From Apr 2023 to Apr 2024