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Atossa Genetics Pulls Planned IPO

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Atossa Genetics is pulling its planned initial public offering.

In a document filed yesterday with the US Securities and Exchange Commission, the Seattle-based molecular diagnostics firm requested the withdrawal of its Form S-1, effective immediately.

Atossa did not provide a reason for its withdrawal, saying only that "it does not believe that it is practicable to pursue the contemplated public offering at this time." It has not distributed, issued, or sold any securities in connection to the offering, it added.

The firm filed its Form S-1 in October, saying it hoped to raise up to $17.6 million from the IPO. Proceeds from the offering would have been used to create a cytology and molecular diagnostics laboratory focused on breast cancer and to launch its FDA-cleared Mammary Aspirate Specimen Cytology Test System in the Northwestern US.

After the regional launch, Atossa planned a national launch of the system in the first quarter of 2012. The company also had planned to use proceeds to develop a second-generation MASCT platform.

For the three months ended Sept. 30, 2010, the most recent period available, Atossa reported no revenues and a loss of $482,436.

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