Atossa Genetics Inc (NASDAQ:ATOS)
Atossa Genetics Inc (NASDAQ:ATOS) has announced the pricing of its public offering which is expected to raise proceeds amounting to $4,000,000 before subtraction commissions, underwriting discounts, and other expenses attached to the offering. The offering made up of Class A Units amounting to 664,000 shares and Class B Units amounting to 3,502 shares of the company’s Series A Convertible Preferred Stock. Cumulatively, they have a face value of $1,000 and each can be converted into 1,333.33 shares of Common Stock as well as warrants which are exercisable into shares of Common Stock equivalent to the shares of Series A Convertible Preferred Stock.
The exercise price for the warrants is $0.9375, which can be exercised upon issuance and have an expiry date five years from the issuance date. Atossa Genetics Inc (NASDAQ:ATOS) has issued a 45-day option to all underwriters to buy the additional 800,000 Common Stock shares in addition to 800,000 warrants to take care of the over-allotment in case any arises. The offering will end on April 2, 2017 subject to fulfillment of all customary closing conditions.
Atossa Genetics Inc (NASDAQ:ATOS) has appointed Aegis Capital Corp to act as the sole book manger of the offering.
In other segment, the company has started the enrollment of a Phase I study of its endoxifen which has been approved by FDA for treatment of breast cancer. The aim of the trial which has so far admitted 48 female subjects to study the patented pharmacokinetics formulations of both oral and topical endoxifen doses for a period of 28 days as well as evaluating the level of safety and tolerability. The trial is being conducted on behalf of a company called CPR Pharma Services Pty Ltd. Atossa is a clinical-phase pharmaceutical company engaged in the development of unique therapeutics as well as delivery processes towards breast cancer cure in addition to other breast disorders.
Atossa Genetics Inc (NASDAQ:ATOS) in January announced shifting the site for the Phase II study of fulvestrant which is concurrently administered with microcatheters toward breast cancer treatment. The study was launched in one of the leading centers in New York and will now be moved to Montefiore Medical Center.
The shift in locations has been necessitated by the relocation of the principle investigator who relocated to Montefiore and is now working with Montefiore Medical Center in several capacities. The Montefiore Health System is made of 11 hospitals, over 180 locations of specialty care network.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.