SEATTLE, WA--(Marketwired - May 13, 2015) -
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Atossa Genetics |
Steve Quay, President and CEO, commented, "We have made tremendous progress towards achieving our 2015 objectives by launching the ForeCYTE Breast Aspirator in the European Union and the FullCYTE Breast Aspirator in the United States. We engaged key national distributors in the United States and are seeing very strong growth with our pharmacogenomics tests. We look forward to continued progress towards our other key 2015 objectives, which are to begin clinical studies in a therapeutic using our devices and growing our revenue with our products and services."
Recent Corporate Developments
Important recent corporate developments include the following:
- Launched the ForeCYTE Breast Aspirator in the European Union
- Launched the FullCYTE Breast Aspirator in the United States
- Engaged two leading national distributors in the United States
- Hired biopharmaceutical industry veteran Cindy Atha as Vice President of Sales and Marketing
- Secured in-network contract with Meridian Health Plan of Michigan
- The College of American Pathologists certified our laboratory, The National Reference Laboratory for Breast Health Inc.
First Quarter 2015 Financial Results
Revenue for the three months ended March 31, 2015 totaled $1,873,268, consisting of mainly pharmacogenomics testing, compared to $24,124 in revenue in the same period in 2014 from additional cash collections on NAF cytology tests. Total cost of revenue for the three months ended March 31, 2015 was $1,207,954 and consisted of costs relating to pharmacogenomics testing services, compared to $0 for the same period in 2014.
Gross profit for the three months ended March 31, 2015 was $665,314, attributable to pharmacogenomics testing, compared to $24,124 gross profit in the same period in 2014.
Total operating expenses were $3,949,190 for the three months ended March 31, 2015, consisting of general and administrative (G&A) expenses of $2,605,111, R&D expenses of $797,225, and selling expenses of $546,854 representing an increase of $1,514,141, or 62%, from $2,435,049 for the three months ended March 31, 2014, which consisted of G&A expenses of $1,774,708, R&D expenses of $422,503, and selling expenses of $237,838.
Conference Call Information
Management will host a conference call today, Wednesday, May 13, 2015 at 4:30 pm Eastern time to review financial results and corporate highlights. Following management's formal remarks, there will be a question and answer session. To listen to the call by phone, interested parties within the U.S. should call 1-866-652-5200 and international callers should call 1-412-317-6060. All callers should ask for the Atossa Genetics conference call. The conference call will also be available through a live webcast at www.atossagenetics.com. Details for the webcast may be found on the Company's IR events page at http://ir.atossagenetics.com/ir-calendar.
A replay of the call will be available approximately one hour after the end of the call through June 14, 2015. The replay can be accessed via Atossa's website or by dialing 877-344-7529 (domestic) or 412-317-0088 (international) or Canada toll free at 855-669-9658. The replay conference ID number is 10065375.
About Atossa Genetics
Atossa Genetics Inc. is focused on improving breast health through the development of laboratory services, medical devices and therapeutics. The laboratory services are being developed by its subsidiary, The National Reference Laboratory for Breast Health Inc. The laboratory services and the Company's medical devices are being developed so they can be used as companions to therapeutics to treat various breast health conditions. For more information, please visit www.atossagenetics.com.
Forward-Looking Statements
Forward-looking statements in this press release are subject to risks and uncertainties that may cause actual results to differ materially from the anticipated or estimated future results, including the risks and uncertainties associated with actions by the FDA, the outcome or timing of regulatory approvals needed by Atossa to sell its products, responses to regulatory matters, Atossa's ability to achieve its objectives, continue to manufacture and sell its products, recalls of products, the safety and efficacy of Atossa's products and services, performance of distributors, whether Atossa can launch and commercialize in the United States and foreign markets the additional tests, devices and therapeutics in its pipeline in a timely and cost effective manner, and other risks detailed from time to time in Atossa's filings with the Securities and Exchange Commission, including without limitation its periodic reports on Form 10-K and 10-Q, each as amended and supplemented from time to time. Atossa does not undertake any obligation to update any forward-looking statement.
ATOSSA GENETICS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2015 2014
(Unaudited)
------------- -------------
Assets
Current assets
Cash and cash equivalents $ 9,728,369 $ 8,500,718
Accounts receivable, net 1,280,209 297,958
Prepaid expense 263,763 247,207
Inventory, net 94,628 39,788
------------- -------------
Total current assets 11,366,969 9,085,671
Furniture and equipment, net 381,590 357,532
Intangible assets, net 1,877,755 1,920,645
Deferred financing costs - 351,961
Other assets 176,551 48,193
------------- -------------
Total assets $ 13,802,865 $ 11,764,002
============= =============
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 966,208 $ 594,357
Accrued expenses 1,117,932 444,861
Payroll liabilities 1,279,528 1,056,705
Short-term lease obligations 79,974 76,025
Other current liabilities 42,914 42,228
------------- -------------
Total current liabilities 3,486,556 2,214,176
------------- -------------
Deferred rent, net of current portion 7,227 2,483
Long-term lease obligations 25,230 49,216
------------- -------------
Total liabilities 3,519,013 2,265,875
------------- -------------
Commitments and contingencies
Stockholders' equity
Preferred stock - $.001 par value;
10,000,000 shares authorized, 0 shares
issued and outstanding - -
Common stock - $.001 par value; 75,000,000
shares authorized, 27,217,257 and
24,564,058 shares issued and outstanding 27,217 24,564
Additional paid-in capital 48,766,466 44,648,103
Accumulated deficit (38,509,831) (35,174,540)
------------- -------------
Total stockholders' equity 10,283,852 9,498,127
------------- -------------
Total liabilities and stockholders' equity $ 13,802,865 $ 11,764,002
============= =============
ATOSSA GENETICS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended
March 31,
--------------------------
2015 2014
------------ ------------
Revenue
Diagnostic testing services $ 1,872,798 $ 24,124
Product sales 470 -
------------ ------------
Total revenue 1,873,268 24,124
Cost of revenue
Diagnostic testing services 1,206,312 -
Product sales 1,642 -
------------ ------------
Total cost of revenue 1,207,954 -
------------ ------------
Gross profit 665,314 24,124
------------ ------------
Selling expenses 546,854 237,838
Research and development expenses 797,225 422,503
General and administrative expenses 2,605,111 1,774,708
------------ ------------
Total operating expenses 3,949,190 2,435,049
------------ ------------
Operating loss (3,283,876) (2,410,925)
------------ ------------
Interest income 279 143
Interest expense 1,784 749
Other losses 49,910 -
------------ ------------
Loss before income taxes (3,335,291) (2,411,531)
------------ ------------
Income taxes - -
------------ ------------
Net loss $ (3,335,291) $ (2,411,531)
============ ============
Loss per common share - basic and diluted $ (0.13) $ (0.10)
============ ============
Weighted average shares outstanding, basic and
diluted 24,916,867 24,419,060
============ ============
Contact:
Atossa Genetics Inc.
Kyle Guse
CFO and General Counsel
(O) 800-351-3902
kyle.guse@atossagenetics.com
Investor Relations:
CorProminence LLC
Scott Gordon
President
516-222-2560
scottg@corprominence.com
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