Full Press Release Details
Genetics Announces Third Quarter 2017 Financial Results And Provides Company Update
November 14, 2017 - 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.
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."
Corporate Developments
important recent developments include the following:
2017 Financial Results
are in the research and development phase and we did not generate revenue for the three and nine months ended September 30, 2017.
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.
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.
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.
Genetics Company Contact:
CFO and General Counsel
Atossa Genetics Inc.
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 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| 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 |