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MDx Firm Atossa Genetics Raises $6.6M

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Seattle-based molecular diagnostics firm Atossa Genetics today announced it has raised $6.6 million in a private placement with accredited investors.

The company had originally targeted $6 million.

Proceeds will be used to create a commercial manufacturing process for its flagship Mammary Aspirate Specimen Cytology Test System, or MASCT. It also will use the funds to establish a cytology and molecular diagnostics laboratory focused on breast health; launch MASCT in the Pacific Northwest region of the US; hire sales and training personnel; continue developing a second-generation of the MASCT platform; and develop new products and services.

In a statement, Steven Quay, president and CEO of Atossa, said that the funding will help it launch the FDA-cleared MASCT this year. After a regional launch, a national launch is anticipated in 2012.

The MASCT system collects, ships, and analyzes nipple aspirate fluid, which contains cells and biomarkers that may be useful for the detection of breast cancer, as well as cellular changes that may portend breast cancer.

Atossa filed to go public last fall, but withdrew its IPO in February.

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