Atossa Genetics Announces Second Quarter 2018 Financial Results And Provides Company Update
August 13 2018 - 4:15PM
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 second quarter ended June 30, 2018
financial results and provided an update on recent company
developments.
Steve Quay, President and CEO commented, “We have made
tremendous progress with our clinical programs. We opened
enrollment in two phase 2 clinical studies: one study using our
proprietary topical Endoxifen for breast density reduction, and
another study using our proprietary oral Endoxifen for reducing
breast cancer tumor cell activity in the “window of opportunity”
between diagnosis of breast cancer and surgery. We also completed
dosing and patient visits in our phase 1 study of topical Endoxifen
in men. Our intraductal microcatheter immunoOncology pre-clinical
program was launched and we contracted with an additional
manufacturer for Endoxifen. We have had a very busy and productive
first six months of 2018 as we continue the momentum in the
advancement of our clinical programs. We are looking forward to
announcing preliminary results from our phase 1 study of topical
Endoxifen in men by September 30, 2018,” added Dr. Quay.
Recent Corporate Developments
Atossa’s important recent developments include the
following:
- August 2018 - Contracted with a US-based additional
manufacturer of Endoxifen.
- July 2018 - Announced intraductal microcatheter immunoOncology
pre-clinical program.
- July 2018 - Opened enrollment in phase 2 study of oral
Endoxifen to treat breast cancer.
- June 2018 – Opened phase 2 study of topical Endoxifen to treat
mammographic breast density.
- June 2018 - Completed all dosing and clinical visits in its
phase 1 study of topical Endoxifen in men.
- June 2018 – Appointed two additional prominent industry
executives from Pfizer and the Belgium-based Flemish Institute of
Biotechnology to strategic advisory board.
- May 2018 – Announced $13.4 million in gross proceeds from
rights offering.
- May 2018 - Formed strategic advisory board to accelerate growth
with prominent former pharmaceutical executives from Pfizer and
Boehringer Ingelheim.
- April 2018 - Received a positive interim safety review on the
Phase 1 study of topical Endoxifen in men.
Q2 2018 Financial Results
For the three and six months ended June 30, 2018 and 2017, we
had no revenue and no associated cost of revenue.
Total operating expenses were approximately $4.1 million and
$6.0 million for the three and six months ended June 30, 2018,
respectively, consisting of general and administrative (G&A)
expenses of approximately $2.7 million and $4.1 million,
respectively; and research and development (R&D) expenses of
approximately $1.5 million and $1.9 million, respectively. For the
previous year, 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 G&A expense of
approximately $1.1 million and $2.2 million, respectively, and
R&D expenses of $0.8 million and $1.4 million,
respectively.
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 Form 10-K and 10-Q, each
as amended and supplemented from time to time.
Atossa Genetics Company Contact:
Atossa Genetics Inc.Kyle GuseCFO and General CounselOffice: 866
893-4927kyle.guse@atossagenetics.com
Investor Relations Contact:
Scott GordonCorProminence LLC377 Oak StreetConcourse 2Garden
City, NY 11530Office: (516) 222-2560scottg@corprominence.com
Source: Atossa Genetics Inc.
|
ATOSSA GENETICS INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED) |
|
|
|
June 30, |
|
December 31, |
|
|
2018 |
|
|
2017 |
|
Assets |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
15,236,736 |
|
|
$ |
7,217,469 |
|
Restricted cash |
|
|
55,000 |
|
|
|
55,000 |
|
Prepaid
expenses |
|
|
440,389 |
|
|
|
250,944 |
|
Research
and development tax rebate receivable |
|
|
626,011 |
|
|
|
358,277 |
|
Other
current assets |
|
|
50,035 |
|
|
|
16,344 |
|
Total
current assets |
|
|
16,408,171 |
|
|
|
7,898,034 |
|
|
|
|
|
|
|
|
|
|
Furniture
and equipment, net |
|
|
60,926 |
|
|
|
11,467 |
|
Intangible assets, net |
|
|
59,882 |
|
|
|
75,686 |
|
Other
assets |
|
|
48,867 |
|
|
|
178,907 |
|
Total
assets |
|
$ |
16,577,846 |
|
|
$ |
8,164,094 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
191,217 |
|
|
$ |
334,901 |
|
Accrued
expenses |
|
|
286,713 |
|
|
|
90,105 |
|
Payroll
liabilities |
|
|
952,657 |
|
|
|
784,867 |
|
Stock-based compensation liability |
|
|
1,557,163 |
|
|
|
|
|
Other
current liabilities |
|
|
23,331 |
|
|
|
15,534 |
|
Total
current liabilities |
|
|
3,011,081 |
|
|
|
1,225,407 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (note 11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2018 and
December 31, 2017; Series B convertible preferred stock- $0.001 par
value; 25,000 and 0 shares authorized, and 5,802 and 0 shares
issued and outstanding, as of June 30, 2018 and December 31, 2017,
respectively |
|
|
6 |
|
|
|
|
|
Additional paid-in capital-Series B convertible preferred
stock |
|
|
5,234,116 |
|
|
|
|
|
Common
stock - $0.18 par value; 175,000,000 shares authorized, 4,874,099
and 2,651,952 shares issued and outstanding, as of June 30, 2018
and December 31, 2017, respectively |
|
|
877,329 |
|
|
|
477,342 |
|
Additional paid-in capital |
|
|
78,898,602 |
|
|
|
71,887,674 |
|
Accumulated deficit |
|
|
(71,443,288 |
) |
|
|
(65,426,329 |
) |
Total
stockholders’ equity |
|
|
13,566,765 |
|
|
|
6,938,687 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders’ equity |
|
$ |
16,577,846 |
|
|
$ |
8,164,094 |
|
|
|
ATOSSA GENETICS INC. |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(UNAUDITED) |
|
|
|
For the Three Months Ended
June 30, |
|
For the Six Months Ended
June 30, |
|
|
|
|
|
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
$ |
1,467,736 |
|
|
$ |
824,094 |
|
|
$ |
1,938,712 |
|
|
$ |
1,368,396 |
|
General and
administrative |
|
|
2,674,920 |
|
|
|
1,072,169 |
|
|
|
4,078,385 |
|
|
|
2,231,458 |
|
Total
operating expenses |
|
|
4,142,656 |
|
|
|
1,896,263 |
|
|
|
6,017,097 |
|
|
|
3,599,854 |
|
Operating loss |
|
|
(4,142,656 |
) |
|
|
(1,896,263 |
) |
|
|
(6,017,097 |
) |
|
|
(3,599,854 |
) |
Change in fair value of
common stock warrants |
|
|
|
|
|
|
(152,447 |
) |
|
|
|
|
|
|
(152,447 |
) |
Warrant financing
expense |
|
|
|
|
|
|
(192,817 |
) |
|
|
|
|
|
|
(192,817 |
) |
Other income |
|
|
79 |
|
|
|
38 |
|
|
|
138 |
|
|
|
75 |
|
Loss before income
taxes |
|
|
(4,142,577 |
) |
|
|
(2,241,489 |
) |
|
|
(6,016,959 |
) |
|
|
(3,945,043 |
) |
Income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,142,577 |
) |
|
$ |
(2,241,489 |
) |
|
$ |
(6,016,959 |
) |
|
$ |
(3,945,043 |
) |
Deemed dividends
attributable to preferred stock |
|
|
(4,782,100 |
) |
|
|
(2,568,132 |
) |
|
|
(4,782,100 |
) |
|
|
(2,568,132 |
) |
Net loss applicable to
common stockholders |
|
$ |
(8,924,677 |
) |
|
$ |
(4,809,621 |
) |
|
$ |
(10,799,059 |
) |
|
$ |
(6,513,175 |
) |
Loss per common share -
basic and diluted |
|
$ |
(2.90 |
) |
|
$ |
(7.72 |
) |
|
$ |
(3.77 |
) |
|
$ |
(13.85 |
) |
Weighted average shares
outstanding, basic and diluted |
|
|
3,073,803 |
|
|
|
623,004 |
|
|
|
2,864,033 |
|
|
|
470,139 |
|
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