NEW YORK, NY / ACCESSWIRE / October 3, 2016 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced it has issued an update on Atossa Genetics, Inc. (ATOS).
The report is available here: ATOS October 2016 Update.
Highlights from the update are as follows:
Capital raising, corporate actions ease short term liquidity concerns and maintain Nasdaq CM listing
Atossa completed several corporate actions over the last two months, with management addressing short term liquidity concerns while maintaining its national listing on the Nasdaq CM. In August, Atossa completed a reverse stock split of 1:15, which enabled the company to come into compliance with minimum bid requirements on the Nasdaq. The company was also able to raise an additional $2.875mn in gross proceeds from an equity offering which closed on September 6, 2016. Finally, Atossa announced that it reached a settlement in its litigation with Besins Healthcare Luxembourg SARL, and that the company has received a cash payment of $1.76mn as part of the settlement. Following these actions, we estimate share outstanding at 3.8mn.
Several key clinical events on the horizon
We see several potential catalysts on the horizon for Atossa over the next 6-12 months. First, the company has an ongoing Phase 2 clinical study at Columbia University with its proprietary microcatheters for administering fulvestrant as a potential treatment for ductal carcinoma in situ (DCIS) and Stage 1 / Stage 2 invasive breast cancer prior to surgery. The study began in March 2016. Atossa management believes its proprietary intraductal microcatheters will prove to be a safer, more cost effective, healthier treatment than intramuscular administrations of fulvestrant. Additionally, the company is expected to announce a trial design for a Phase 2 study of oral endoxifen for breast cancer patients who are refractory to tamoxifen, which is expected to commence in 2017E.
Adjusting price target to $4.50 following results, split, and capital raising activities
We are updating the price target for Atossa following the company's recent results, share issuances and reverse split. Atossa experienced greater dilution in capital raising activities than contemplated in our original analysis. The current target is primarily driven by assumptions related to Atossa's two main Programs: 1) fulvestrant administered intraductally via Atossa's proprietary microcatheters and 2) oral endoxifen for breast cancer patients who are refractory to tamoxifen. Our model assumes initial commercialization in 2019E and 2021E, respectively, for these programs.
Please review important disclosures at www.seethruequity.com.
About Atossa Genetics, Inc.
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.
About SeeThruEquity
Since its founding in 2011, SeeThruEquity has been committed to its core mission: providing impactful, high quality research on underfollowed smallcap and microcap equities. SeeThruEquity has pioneered an innovative business model for equity research that is not paid for and is unbiased. SeeThruEquity is the host of acclaimed investor conferences that are the ultimate event for publicly traded companies with market capitalizations less than $1 billion.
SeeThruEquity is approved to contribute its research reports and estimates to Thomson One Analytics (First Call), the leading estimates platform on Wall Street, as well as Capital IQ and FactSet. SeeThruEquity maintains one of the industry's most extensive databases of opt-in institutional and high net worth investors. The firm is headquartered in Midtown Manhattan in New York City.
For more information visit www.seethruequity.com.
Contact:
Ajay Tandon
SeeThruEquity
info@seethruequity.com
SOURCE: SeeThruEquity
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