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Atossa Genetics Pulls In $106K in Q3 Revenues

NEW YORK (GenomeWeb News) – Atossa Genetics reported after the close of the market on Thursday $105,576 in revenues for the third quarter compared to no revenues in the year-ago period.

For the three months ended Sept. 30, revenues were comprised of $104,011 in Diagnostic Testing Services and $1,565 in product sales. The Seattle-based firm launched ForeCYTE and ArgusCYTE tests a year ago and said today that it expects to roll out the tests nationally in early 2013.

Atossa said that its SG&A spending retreated 3 percent to $1.23 million from $1.27 million a year ago.

Its net loss was $1.1 million, or $.10 per share, in Q3 2012, compared to a net loss of $1.3 million, or $.11 per share, a year ago.

The company ended the quarter with $418,570 in cash and cash equivalents.

Atossa went public a month ago, raising $4 million in gross proceeds. Proceeds from its initial public offering will be used to accelerate the national launch of its US Food and Drug Administration-cleared ForeCYTE test for breast cancer risk assessment, Steven Quay, chairman, president, and CEO of Atossa, said in a statement.

Atossa was founded in 2009 by Quay, who invented its flagship technology called Mammary Aspirate Specimen Cytology Test System, or MASCT, a device and method for the collection, shipment, and clinical analysis of nipple aspirate fluid which contains cells and biomarkers that may be used to detect breast cancer and cellular changes that may be associated with the disease.

MASCT is the backbone of tests being developed by the company.