Full Press Release Details
Atossa Genetics Announces First Quarter
2017 Financial Results
and Provides Company Update
SEATTLE, May 11, 2017 - Atossa Genetics Inc. (NASDAQ:
ATOS) today announced First Quarter ended March 31, 2017 financial results and provided an update on recent company developments.
Steve Quay, President and CEO, commented, "We are encouraged
by our positive progress in advancing the endoxifen program with our ongoing Phase 1 endoxifen study and pleased that our fulvestrant
microcatheter study is proceeding at Montefiore Medical Center. We look forward to completing our endoxifen Phase 1 study in the
next quarter and commencing a Phase 2 study in the second half of 2017."
Recent Corporate Developments
Atossa's important recent
developments include the following:
Q1 2017 Financial Results
We are in the research and development phase and do not generate
Operating expenses: Total operating expenses were approximately
$1.7 million for the three months ended March 31, 2017, consisting of general and administrative (G&A) expenses of approximately
$1.1 million and R&D expenses of approximately $544,000. Operating expenses for the three months ended March 31, 2017 decreased
approximately $641,000, or 27.5%, from approximately $2.3 million for the three months ended March 31, 2016, which consisted of
G&A expenses of approximately $2.2 million, and R&D expenses of approximately $150,000.
The Company recorded a net loss of $1.7 million, for the three
months ended March 31, 2017, as compared to a net loss of $2.3 million for the three months ended March 31, 2016.
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 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:
Atossa Genetics Inc.
CFO and General Counsel
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, | |||||||
| 2017 | 2016 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 1,167,011 | $ | 3,027,962 | ||||
| Restricted cash | 55,000 | 55,000 | ||||||
| Prepaid expense | 294,831 | 171,601 | ||||||
| Total current assets | 1,516,842 | 3,254,563 | ||||||
| Furniture and equipment, net | 27,761 | 55,119 | ||||||
| Intangible assets, net | 610,013 | 640,440 | ||||||
| Other assets | 148,566 | 194,250 | ||||||
| Total assets | $ | 2,303,182 | $ | 4,144,372 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 386,877 | $ | 254,320 | ||||
| Accrued expenses | 34,610 | 16,964 | ||||||
| Payroll liabilities | 330,889 | 769,899 | ||||||
| Other current liabilities | 22,401 | 6,083 | ||||||
| Total current liabilities | 774,777 | 1,047,266 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock - $.001 par value; 10,000,000 shares authorized, 0 shares issued and outstanding | - | - | ||||||
| Common stock - $.015 par value; 75,000,000 shares authorized, 3,786,913 shares is issued and outstanding | 56,804 | 56,804 | ||||||
| Additional paid-in capital | 60,478,903 | 60,344,050 | ||||||
| Accumulated deficit | (59,007,302 | ) | (57,303,748 | ) | ||||
| Total stockholders' equity | 1,528,405 | 3,097,106 | ||||||
| Total liabilities and stockholders' equity | $ | 2,303,182 | $ | 4,144,372 |
ATOSSA GENETICS INC.
CONDENSED CONSOLIDATED STATEMENTS OF
| For the Three Months Ended March 31, | ||||||||
| 2017 | 2016 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 544,302 | $ | 149,971 | ||||
| General and administrative | 1,142,544 | 2,177,569 | ||||||
| Total operating expenses | 1,686,846 | 2,327,540 | ||||||
| Operating loss | (1,686,846 | ) | (2,327,540 | ) | ||||
| Other expense, net | (16,708 | ) | - | |||||
| Loss before income taxes | (1,703,554 | ) | (2,327,540 | ) | ||||
| Income taxes | - | - | ||||||
| Loss from operations | (1,703,554 | ) | (2,327,540 | ) | ||||
| Net loss | $ | (1,703,554 | ) | $ | (2,327,540 | ) | ||
| Loss per common share - basic and diluted | $ | (0.45 | ) | $ | (0.98 | ) | ||
| Weighted average shares outstanding, basic and diluted | 3,786,913 | 2,382,757 |