Full Press Release Details
Atossa Genetics Announces
$25 Million At-The-Market
Common Stock Purchase Agreement
SEATTLE, WA - May 28, 2015 - Atossa Genetics
Inc. (NASDAQ: ATOS) announced today that it has entered into a $25 million stock purchase agreement with Aspire Capital Fund,
LLC. Under terms of the agreement, after the SEC declares the registration statement related to the transaction effective, Aspire
has committed to purchase up to $25 million of Atossa's common stock over 30 months based on prevailing market prices over a period
preceding each sale.
"By securing this important financing agreement, we have
established a foundational funding program that will enable Atossa to advance towards achieving the milestones it has established
for 2015 and beyond, which include initiating clinical trials with a pharmaceutical used in combination with our medical devices.
Over the past two years, Aspire Capital has proven to be an excellent long-term financial partner and we look forward to continuing
our work together to realize our promising future," stated Dr. Steven Quay, Chairman, CEO and President of Atossa Genetics.
"This financial arrangement with Aspire will provide us with the financial resources and flexibility we seek, providing the
means by which we may raise equity based on favorable market conditions and our evolving working capital needs."
"We are very pleased to enter into this agreement that
continues our relationship with Atossa. Since the first time we invested in Atossa over two years ago, the Company has made
great progress as evidenced by its commercialization of the ForeCYTE and FullCYTE devices and strong growth of its pharmacogenomics
testing business," said Steven Martin, Principal of Aspire Capital. "More recently, the acquisition of the world-wide
rights to develop and eventually commercialize Afimoxifene Gel for potential treatment of hyperplasia demonstrates management's
commitment to grow the Company and expand its potential. We are very happy to be part of Atossa's progress and look
forward to a long and successful relationship."
Key aspects of the agreement with Aspire Capital include:
Atossa will use the net proceeds from the sales of common stock
for general corporate purposes and working capital requirements.
Atossa also entered into a registration rights agreement with
Aspire Capital in connection with its entry into the purchase agreement that requires the Company to file a registration statement
regarding the shares sold to Aspire Capital. A more complete and detailed description of the agreement is set forth in the Company's
Periodic Report on Form 8-K filed today with the U.S. Securities and Exchange Commission.
About Aspire Capital Fund, LLC
Aspire Capital is an institutional investor based in Chicago,
Illinois, with a fundamental investment approach. Aspire Capital invests in a wide range of companies and industries emphasizing
life sciences, energy and technology.
About Atossa Genetics
Atossa Genetics Inc. is focused on improving breast health through
the development of laboratory services, medical devices and therapeutics. The laboratory services are being developed by its subsidiary,
The National Reference Laboratory for Breast Health, Inc. The laboratory services and the Company's medical devices are being developed
so they can be used as companions to therapeutics to treat various breast health conditions. For more information, please visit
Forward-Looking Statements
Forward-looking statements in this press release 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 whether the Company will be able to sell shares to Aspire under the terms
of the agreement with them, whether the registration statement related to the financing with Aspire will become and remain effective
with the SEC, actions by the FDA, the outcome or timing of regulatory approvals needed by Atossa to sell its products, responses
to regulatory matters, Atossa's ability to achieve its objectives, continue to manufacture and sell its products, recalls of products,
the safety and efficacy of Atossa's products and services, performance of distributors, whether Atossa can launch and commercialize
in the United States and foreign markets the additional tests, devices and therapeutics in its pipeline in a timely and cost effective
manner, and other risks detailed from time to time in Atossa's filings with the Securities and Exchange Commission, including without
limitation its reports on Form 10-K, 10-Q and 8-K each as amended and supplemented from time to time. Atossa does not undertake
any obligation to update any forward-looking statement.
Atossa Genetics Company Contact:
Atossa Genetics Inc.
CFO and General Counsel
Investor Relations Contact: