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With IPO Planned, Atossa Posts Revenues of $1,500 for FY 2011

NEW YORK (GenomeWeb News) – Atossa Genetics, which filed for an initial public offering in February, disclosed in a regulatory filing that it had $1,500 in revenues and a net loss of $3.4 million for full-year 2011.

Revenue figures compare to none from 2010. Atossa had a net loss of $1.1 million for FY 2010.

In its Form S-1/A filed last week with the US Securities and Exchange Commission, the Seattle-based firm also said that it had $1.9 million in cash and cash equivalents, as well as $1 million in restricted cash. From the company's inception in April 2009 through the end of 2011, it has incurred total net operating losses of $4.7 million.

Atossa refiled for an IPO of 1 million shares of its common stock at between $5 and $7 per share one year after pulling an earlier planned IPO, saying at the time that "it does not believe that it is [practical] to pursue the contemplated public offering at this time."

The company said in its Form S-1/A that at $6 per share, net proceeds from the IPO are estimated at $4.9 million, or $5.7 million if the underwriters exercise their over-allotment option in full. Up to $500,000 will go toward expansion of its cytology and molecular diagnostics laboratory, and another $500,000 would be used to fund manufacturing of a number of MASCT System units in advance of launching the system nationwide.

MASCT, which stands for Mammary Aspirate Specimen Cytology Test System, 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.

The firm said that about $1.5 million of net proceeds would be used for hiring and training sales and marketing personnel, and $1 million each would be used to develop and commercialize two tests for breast cancer currently in the company's pipeline. Remaining net proceeds would go toward R&D of Intraductal Treatment Programs and for general working capital, Atossa said.

It added that some of the net proceeds may be used for acquisitions of or investments into complementary business and technologies.

Atossa plans to list on the Nasdaq Capital Market under ticker symbol "ATOS."

Dawson James Securities is acting as sole book-running manager of the offering.

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