Seattle’s Atossa Genetics Publishes Q1 2018 Financial Results & Company Update – Schedules Call For May 16 4:30pm EDT
Seattle based Atossa Genetics Inc. (ATOS), a clinical-stage pharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, publishes its Q1 ended March 31, 2018, financial results and provided an update on recent company developments.
Atossa’s highlighted the following developments:
- May 2018 – Formed strategic advisory board to accelerate growth with prominent former pharmaceutical executives from Pfizer and Boehringer Ingelheim.
- April 2018 – Received approval from the Swedish Medical Products Agency (MPA) to conduct a Phase 2 Study of proprietary topical Endoxifen for the treatment of women with mammographic breast density.
- April 2018 – Received a positive interim safety review on the Phase 1 study of topical Endoxifen in men, which is being developed to address gynecomastia (or male breast enlargement).
- April 2018 – Announced a reverse split of common stock at a ratio of 1-for-12 that was effective on April 20, 2018, and which led to regaining compliance with Nasdaq.
- March 2018 – Announced that Per Hall, MD, Ph.D., Head of the Department of Medical Epidemiology and Biostatistics at Karolinska Institutet in Stockholm, Sweden had been appointed as Scientific Advisor.
- March 2018 – Expanded the breast health program by launching a men’s’ breast health initiative with enrollment opening in a Phase 1 study of the proprietary topical Endoxifen in men.
- February 2018 – Announced important additional findings from the Phase 1 study of Atossa’s proprietary oral Endoxifen.
- 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.
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.”
Atossa will host a corporate conference call to discuss the Company’s business on Wednesday, May 16, 2018, at 4:30 EDT. The call is being provided so that stockholders and potential investors can hear directly from senior management about the Company’s business with a focus on recent developments. Due to expected high call attendance, participants are asked to pre-register for the call through the following link: http://dpregister.com/10120189. Please note that registered participants will receive their dial-in number upon registration and will dial directly into the call without delay. Those without internet access or who are unable to pre-register may dial in by calling: 1-844-824-3830 (domestic), 1-412-317-5140 (international) and Canada Toll-Free: 1-855-669-9657. Callers should ask to be joined into the Atossa Genetics call.
The conference call will also be available through a live webcast through the Company’s IR events page at http://ir.atossagenetics.com/ir-calendar or through the following link: https://services.choruscall.com/links/atos180507.html.