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Atossa Increases Anticipated Proceeds from Pending IPO

NEW YORK (GenomeWeb News) – Atossa Genetics, which refiled for an initial public offering earlier this year after withdrawing from an earlier attempt, today revised the estimate on how much the offering may garner.

In a Form S-1/A, the Seattle-based firm said that at the $5 midpoint of the expected price range for its shares, between $4 and $6, the IPO would bring in $5.4 million, or $6.2 million if underwriters exercise the overallotment option. Dawson James Securities is listed in its IPO filing as the underwriter.

When Atossa refiled its IPO in February, it said shares would fetch between $5 and $7, raising about $4.9 million, or $5.7 million if underwriters exercised their overallotment option.

The firm originally planned to offer 1 million shares. In August it increased the number of shares planned in the offering to 1.2 million shares, but lowered the price range to between $4 and $6. Last month it increased again the number of shares in the offering to 1.3 million shares.

The company also has revised the amount it needs to raise for approval to list on the Nasdaq Capital Market to at least $4 million in gross proceeds. Atossa previously said that it needed to raise at least $6 million, then increased the figure to $6.25 million.

Atossa plans to list its shares under ticker symbol "ATOS".