Atossa Genetics Inc. (NASDAQ:ATOS) today announced it has issued
the following letter by Dr. Steven C. Quay, President and
CEO, to Atossa stockholders:
Dear Valued Stockholders:
Over the past two years, we have transformed Atossa into a pure
play pharmaceutical company focused on the development of novel
therapeutics and delivery methods aimed at both treating breast
cancer as well as preventing breast cancer. We now have a
remarkable opportunity to transform the field of breast cancer and
substantially reduce the incidence of this deadly disease.
The current standard of care for most breast cancer patients is
a 5-10 year regimen of an FDA-approved drug called Tamoxifen.
Unfortunately, not all patients benefit from Tamoxifen and it can
have serious side effects. For these reasons, we are developing a
new drug called Endoxifen, which is the most active metabolite of
Tamoxifen. We are also developing our proprietary intraductal
microcatheters with the potential ability to deliver drugs and
Chimeric Antigen Receptor Therapy, or CAR-T, cells directly to the
site of breast cancer.
Clinical Trial Achievements. Over the past two
years we have been developing two proprietary formulations of
Endoxifen: oral Endoxifen for the more than one million breast
cancer survivors and topical Endoxifen as a potential treatment for
a conditions called mammographic breast density (or MBD). There is
no FDA-approved treatment for MBD, which affects more than ten
million women in the U.S. It is well accepted that MBD increases
the risk of breast cancer, which is why 30 states now require that
a finding of MBD be reported to the patient, physician or both. It
is believed that not only does MBD make mammography less effective
because MBD can hide cancerous tumors, but also the tissue itself
may be more prone to develop cancer. Over the past year, we secured
a manufacturer for Endoxifen, retained a clinical research
organization for a Phase 1 study and completed this study in the
last quarter of 2017.
Preliminary results of the Phase 1 study show that both arms of
the study (oral and topical) were fully and successfully completed:
there were no clinically significant safety signals and no
clinically significant adverse events and both the oral and topical
Endoxifen were well tolerated. In the topical arm of the study, low
but measurable Endoxifen levels were detected in the blood in a
dose-dependent fashion. In the oral arm of the study, participants
exhibited dose-dependent Endoxifen levels that met or exceeded the
published therapeutic level.
These promising Phase 1 results have paved the way for our
upcoming Phase 2 studies, which are planned to open in the first
quarter of 2018. We are developing our proprietary topical
Endoxifen for the treatment of women with MBD which will be
conducted by Stockholm South General Hospital in Sweden. We are
also planning a Phase 2 study using our proprietary oral Endoxifen
to treat patients who are not responding to Tamoxifen. That study
should also open in the first quarter of 2018.
We have started a new program to deliver CAR-T cells into the
ducts of the breast for the potential targeted treatment of breast
cancer. This is a novel approach using our proprietary intraductal
microcatheter technology for the potential transpapillary, or
“TRAP,” delivery of T-cells that have been genetically modified to
attack breast cancer cells. We believe this method has several
potential advantages including the reduction of toxicity by
limiting systemic exposure of the T-cells; improved efficacy by
placing the T-cells in direct contact with the target ductal
epithelial cells that are undergoing malignant transformation; and,
lymphatic migration of the CAR-T cells potentially extending their
cytotoxic actions into the regional lymph system, which could limit
tumor cell dissemination. This approach is in the R&D stage and
is currently not FDA approved. In 2018 we intend to commence
studies that will help demonstrate safety and efficacy of this
novel approach. We are also using our intraductal microcatheters in
a Phase 2 study at Montefiore Medical Center in New York where we
are targeting the delivery of Fulvestrant to the site of early
stage breast cancer and ductal carcinoma in situ. That study is
ongoing.
Capital Raising Achievements. In 2017 we made
significant improvements to our balance sheet by raising
approximately $12 million in capital, which strengthened our
balance sheet and improved our stockholder base with the addition
of institutional biotech-focused investors. We now have sufficient
capital recourses to execute on our upcoming Endoxifen Phase 2
study of MBD and our upcoming Endoxifen Phase 2 study of
“refractory” patients who are not responding to Tamoxifen.
Market Opportunities. We are developing our
products for large market opportunities. A study conducted by
Defined Health, a leading market research firm, estimates that the
potential market for Endoxifen exceeds $1 billion in annual sales
and the potential market for our intraductal microcatheters to
delivery therapeutics exceeds $800 million as a treatment and
replacement for surgery.
CAR-T has been the subject of much attention recently. In
October 2017, pioneer CAR-T company Kite Pharma was acquired for
$11.9 billion by Gilead and in August 2017 Novartis received the
first FDA approval in the CAR-T field for Kymriah for the treatment
of B-cell Acute Lymphoblastic Leukemia. Other companies in the
clinical-stage in the field of CAR-T include Blue Bird Corporation,
and Juno Therapeutics, which trades on Nasdaq with a multi-billion
dollar market capitalization.
2018 Milestones. We are now well positioned to
execute our strategies in 2018, which include the following
potential milestones
- First quarter of 2018 - commencing the Phase 2 Study of topical
Endoxifen to treat MBD at Stockholm South General Hospital in
Sweden (which we plan to complete in 2018).
- First quarter of 2018 - commencing the Phase 2 Study of oral
Endoxifen to treat patients who are not responding to Tamoxifen
(which we plan to complete in 2018).
- Second half of 2018 - commencing one or more studies
administering TRAP CAR-T with our microcatheters.
- Throughout 2018 - continuing our Phase 2 study administering
Fulvestrant with our microcatheters.
Breast Cancer Statistics. The American Cancer
Society (ACS) estimates that approximately 250,000 women will be
diagnosed with breast cancer in the United States this year and
that approximately 40,000 will die from the disease. It is the
second leading cause of cancer death in American women. Although
about 100 times less common than women, breast cancer also affects
men. The ACS estimates that the lifetime risk of men getting breast
cancer is about 1 in 1,000; 2,470 new cases of invasive breast
cancer will be diagnosed; and 460 men will die from breast cancer
in 2017.
We look forward to reporting our progress on these priorities
throughout the year and we thank you for your continued support of
Atossa.
Sincerely,
Dr. Steven C. Quay, MD, Ph.D.President and Chief Executive
Officer
About Atossa Genetics
Atossa Genetics Inc. (NASDAQ:ATOS) 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 Company Contact:
Kyle Guse CFO and General Counsel (O) 866 893-4927
kyle.guse@atossagenetics.com
Investor Relations ContactScott Gordon CorProminence LLC 377 Oak
Street Concourse 2 Garden City, NY 11530 Office: 516.222.2560
scottg@coreir.com
Source: Atossa Genetics Inc.
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