Breast Cancer Innovator Atossa Genetics Accepts Subscriptions For ~$13.4MM Gross Proceeds Rights Offering
Atossa Genetics (ATOS) also recently received a second positive interim safety review on its Phase 1 study of topical Endoxifen in men, which is being developed to address gynecomastia (or male breast enlargement). The objectives of this double-blinded, placebo-controlled, repeat dose study of 24 healthy male subjects are to assess the pharmacokinetics of proprietary formulations of topical endoxifen dosage forms over 28 days, as well as to assess safety and tolerability. The study is being conducted on behalf of Atossa by CPR Pharma Services Pty Ltd., Thebarton, SA, Australia. The Independent Safety Committee reviewed the blinded data generated from the second group in the study (eight subjects) and concluded that the study may advance to the final dosing level.
Gynecomastia is male breast enlargement and accompanying pain. It is the most common male breast disorder and is caused by a hormone imbalance where testosterone is low compared to estrogen. In prostate cancer treatment, testosterone is suppressed resulting is higher estrogen levels that usually triggers gynecomastia. Prophylactic breast bud irradiation is commonly used in prostate cancer patients, but must often be repeated. One recent study indicates that up to 90% of men taking androgen deprivation therapy suffer from gynecomastia and breast pain (Handoo Rhee, et al., October 18, 2014, BJU International). According to the Mayo Clinic, although it can affect men at almost any age, it is most prevalent in men ages 50-69, affecting at least 1 in 4 men in this age group. Gynecomastia is caused by, among other things, any number of commonly prescribed medications, such as androgen deprivation therapy to treat prostate enlargement and prostate cancer; anti-anxiety medications; cancer treatments (chemotherapy), and some heart medications. Gynecomastia is not only painful and embarrassing, it can also cause men to stop taking these important medications.
Shares of ATOS are currently trading at $3.30, up +0.10/share or +3.12% today.
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Atossa Announces $13.4 Million in Expected Gross Proceeds from Recently Expired Rights Offering
Atossa Genetics Inc. (“Atossa” or “the Company”) announced today that the Company’s previously announced rights offering (“the Rights Offering”) expired on Thursday, May 24, 2018, and these rights are no longer exercisable. The Company accepted all valid subscriptions that were presented…
Seattle based Atossa Genetics Inc. (NasdaqCM: ATOS), a clinical-stage pharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast condition, announced today that the Company’s previously announced rights offering (“the Rights Offering”) expired on Thursday, May 24, 2018 and these rights are no longer exercisable. The Company reports that it has accepted all valid subscriptions that were presented and estimates that the Rights Offering will result in ~$13.4MM in gross proceeds. The results of the Rights Offering and Atossa’s estimates regarding the aggregate gross proceeds of the Rights Offering to be received by Atossa are subject to finalization and verification by Atossa and its subscription agent. Atossa engaged Maxim Group LLC as dealer-manager in the offering. Questions about the rights offering may be directed to Maxim Group LLC at 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, or via email at syndicate@maximgrp.com or telephone at (212) 895-3745.