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Atossa Prices Public Offering, Expects $14M in Gross Proceeds

NEW YORK (GenomeWeb News) – Atossa Genetics today priced its public offering of 5.8 million units at $2.40 per unit, saying it anticipates raising $14 million in gross proceeds.

Each unit consists of one share of common stock and one warrant to purchase .20 of a share of common stock.

Net proceeds will be used for general corporate purposes, including the relaunch of the company's ForeCYTE Breast Aspirator upon regulatory clearance. Atossa voluntarily recalled its ForeCYTE Breast Health Test and the Mammary Aspiration Specimen Cytology (MASCT) Test device in the fall after the US Food and Drug Administration expressed concerns about its use and the way the company was marketing the test. Atossa filed a submission for 510(k) clearance of ForeCYTE in December.

Proceeds will also go toward the development of other products in the company's pipeline, including the FullCYTE Breast Health Test, NextCYTE Breast Cancer Test, ArgusCYTE Breast Health Test, and Atossa's planned intraductal treatment program.

The offering is being made pursuant to a shelf registration the Seattle-based company made in November to offer up to $40 million of its securities from time to time.

Dawson James Securities is the sole book-running manager for the offering, which is expected to close on or about Jan. 29.

In morning trading on the Nasdaq on Friday, shares of Atossa were down 18 percent at $2.61.