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Atossa Lowers Expected Share Price for Planned IPO, Reports $223K in Q2 Revenues

NEW YORK (GenomeWeb News) – Atossa Genetics lowered the expected share price for its planned initial public offering to between $4 and $6 per share, it disclosed in an amended Form S-1 filed on Monday with the US Securities and Exchange Commission.

The company also disclosed that it posted $223,097 in revenues for the second quarter.

In the SEC document, Atossa lowered its expected share price range from an earlier range of $5 to $7 provided when the Seattle-based company refiled its IPO earlier this year. Atossa added that it plans to offer 1.2 million shares of its common stock in the IPO, up from an earlier offering of 1 million shares.

Assuming the midpoint of its anticipated share price range, the IPO would bring in $4.9 million or $5.7 million if underwriters exercise an over-allotment option in full, unchanged from its original Form S-1. Dawson James Securities is listed as the underwriter.

Atossa said that about $500,000 of net proceeds will go toward expansion of its cytology and molecular diagnostic laboratory; $500,000 toward the manufacture of a number of its Mammary Aspirate Specimen Cytology Test, or MASCT, System units for nationwide launch; $1.5 million will be used to hire and train sales and marketing personnel; $1 million will be used to develop and start manufacture and launch of the FullCYTE test for the assessment of individual breast ducts for pre-cancerous changes in women who have been previously identified as being at high risk for breast cancer; $1 million will go toward development and commercialization of its NextCYTE test for profiling breast cancer specimens in order to predict treatment outcomes and distant recurrence in women newly diagnosed with breast cancer; and the rest will go toward R&D for Intraductal Treatment Programs and general working capital purposes.

A portion may also be used for acquisitions, it said.

The company also said that in the second quarter ended June 30, it posted $223,097 in total revenues, compared to zero a year ago. The firm brought in $219,972 in diagnostic testing service revenues and $3,125 in product sales.

Its SG&A costs climbed to almost $1.4 million in the quarter from $756,871 a year ago. Atossa did not break out its R&D costs.

The firm's net loss rose to $1.2 million, or $.10 per share, compared to a net loss of $758,371, or $.10 per share, in Q2 2011. The company used more than 11 million shares to calculate its per-share figure in the recently completed quarter, compared to nearly 8 million shares a year ago.

Atossa finished the quarter with $87,997 in cash and cash equivalents, and $250,000 in restricted cash.

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