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Atossa Prices Shares for IPO, Goes Public

NEW YORK (GenomeWeb News) – Atossa Genetics on Thursday priced its initial public offering of 800,000 shares at $5 per share, raising gross proceeds of $4 million.

The Seattle-based firm granted its underwriter a 45-day option to purchase up to 120,000 shares to cover any overallotments. Atossa began trading on the Nasdaq Capital Market on Thursday under ticker symbol "ATOS." Its shares closed down 4 percent on Thursday at $4.80.

Dawson James Securities is the sole book-running manager on the offering.

Atossa refiled for an IPO in February after pulling an earlier proposed IPO in February 2011. Earlier this week the company said that it anticipated offering 1.3 million shares and raising $5.4 million, or $6.2 million if its underwriters exercised the overallotment option.

Atossa was founded in 2009 by Stephen Quay, who invented its flagship technology called Mammary Aspirate Specimen Cytology Test System, or MASCT. The technology, which is cleared by the US Food and Drug Administration, forms the backbone of tests being developed by Atossa.

MASCT is 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.

Last month Atossa disclosed a co-exclusive marketing dealfor MASCT with Diagnostics Test Group for the supply and distribution of the technology. It also said that it had purchased substantially all the assets of Acueity Healthcare.

In September the company disclosed an agreement providing access to its tests to providers and patients in managed healthcare plan MultiPlan's networks.