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Atossa Genetics Discloses Net Losses of $3.4M in FY 2011, $1.1M in Q1 2012

NEW YORK (GenomeWeb News) – Atossa Genetics, which refiled for an initial public offering earlier this year, said in its amended Form S-1 that it net loss for full-year 2011 reached $3.4 million.

In a Form S-1/A filed on Friday with the US Securities and Exchange Commission, the Seattle-based breast cancer diagnostic firm added that it recorded $1,500 in revenues for 2011. For the first quarter of 2012, Atossa posted revenues of $54,713 with a net loss of $1.1 million.

The full-year 2011 figures compare to zero revenues in 2010 and a net loss of $1.1 million, while Q1 2012 figures compared to zero revenues and a net loss of $230,391 in the year-ago period.

All 2011 revenues were based on sales of its MASCT (Mammary Aspirate Specimen Cytology Test) System, 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.

Its Q1 2012 revenues consisted of sales of $2,000 of the MASCT System, and $52,713 of its ForeCYTE Test, which provides information about the 10-year and lifetime risk of breast cancer for women between 18 and 65 years of age.

Since its founding in April 2009 through the first quarter of this year, the company has had a total net loss of $5.7 million.

Atossa ended 2011 with $1.9 million in cash and cash equivalents and $1 million in restricted cash. By the end of the first quarter 2012, cash and cash equivalents had been reduced to $899,494, while restricted cash fell to $250,000, it said in its SEC document.

Atossa refiled its IPO in February, one year after withdrawing it, saying at the time that it would be impractical to go public. The company had originally filed its IPO in October 2010.

The company now hopes to trade its shares on the Nasdaq Capital Market under ticker symbol "ATOS." It plans to offer 1 million shares at a price of between $5 and $7. At the $6 midpoint figure, the offering is anticipated to bring in net proceeds of $4.9 million, or $5.7 million if underwriters exercise an over-allotment option in full, it said.

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