Full Press Release Details
Atossa Genetics Announces First Quarter
2018 Financial Results
And Provides Company Update
SEATTLE, May 14, 2018 -- Atossa Genetics Inc. (NASDAQ:
ATOS), a clinical-stage pharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other
breast conditions, today announced First Quarter ended March 31, 2018 financial results and provided an update on recent company
Steve Quay, President and CEO, commented, "During the
first part of 2018, we have continued to make significant advances driving toward the next phase of our clinical plans -
including a new program in men's breast health and receiving regulatory approval to commence our Phase 2 breast density study
in Sweden. We are especially excited about engaging additional experts that will advise us on important initiatives including seeking
partners in the pharmaceutical industry to accelerate the clinical development of our Endoxifen programs. This quarter, we plan
to complete our Phase 1 study of topical Endoxifen in men, commence enrollment in our Phase 2 study of topical Endoxifen in women
with mammographic breast density, and open our Phase 2 study of oral Endoxifen in women who are "refractory" to tamoxifen."
Recent Corporate Developments
Atossa's important recent
developments include the following:
Q1 2018 Financial Results
We generated no revenue or cost of revenue for the three months
ended March 2018. Currently we are in the research and development phase and do not market any products and services.
The Company recorded a net loss of $1.9 million for the three
months ended March 31, 2018. Total operating expenses were approximately $1.9 million for the three months ended March 31, 2018,
consisting of general and administrative (G&A) expenses of approximately $1.4 million, and research and development (R&D)
expenses of approximately $0.5 million. Total operating expenses were approximately $1.7 million for the three months ended March
31, 2017, consisting of G&A expense of approximately $1.2 million and R&D expenses of $0.5 million.
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 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
Atossa Genetics Company Contact:
Atossa Genetics Inc.
CFO and General Counsel
Office: 800 (351-3902)
Investor Relations Contact
Garden City, NY 11530
Office: (516) 222-2560
Source: Atossa Genetics Inc.
ATOSSA GENETICS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | |||||||
| 2018 | 2017 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 4,779,519 | $ | 7,217,469 | ||||
| Restricted cash | 55,000 | 55,000 | ||||||
| Prepaid expenses | 495,667 | 250,944 | ||||||
| Research and development tax rebate receivable | 395,872 | 358,277 | ||||||
| Other current assets | 9,316 | 16,344 | ||||||
| Total current assets | 5,735,374 | 7,898,034 | ||||||
| Furniture and equipment, net | 59,810 | 11,467 | ||||||
| Intangible assets, net | 70,547 | 75,686 | ||||||
| Other assets | 114,571 | 178,907 | ||||||
| Total assets | $ | 5,980,302 | $ | 8,164,094 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 168,347 | $ | 334,901 | ||||
| Accrued expenses | 172,613 | 90,105 | ||||||
| Payroll liabilities | 356,427 | 784,867 | ||||||
| Other current liabilities | 23,323 | 15,534 | ||||||
| Total current liabilities | 720,710 | 1,225,407 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock - $.001 par value; 10,000,000 shares authorized, no shares issued or outstanding | ||||||||
| Common stock - $.18 par value; 75,000,000 shares authorized, 2,651,952 shares issued and outstanding | 477,342 | 477,342 | ||||||
| Additional paid-in capital | 72,082,961 | 71,887,674 | ||||||
| Accumulated deficit | (67,300,711 | ) | (65,426,329 | ) | ||||
| Total stockholders' equity | 5,259,592 | 6,938,687 | ||||||
| Total liabilities and stockholders' equity | $ | 5,980,302 | $ | 8,164,094 |
ATOSSA GENETICS INC.
CONDENSED CONSOLIDATED STATEMENTS OF
| For the Three Months Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 470,976 | $ | 544,302 | ||||
| General and administrative | 1,403,465 | 1,159,289 | ||||||
| Total operating expenses | 1,874,441 | 1,703,591 | ||||||
| Operating loss | (1,874,441 | ) | (1,703,591 | ) | ||||
| Other income, net | 59 | 37 | ||||||
| Loss before income taxes | (1,874,382 | ) | (1,703,554 | ) | ||||
| Income taxes | ||||||||
| Net loss | $ | (1,874,382 | ) | $ | (1,703,554 | ) | ||
| Loss per common share - basic and diluted | $ | (0.71 | ) | $ | (5.40 | ) | ||
| Weighted average shares outstanding, basic and diluted | 2,651,952 | 315,576 |