On May 11, 2017 Atossa Genetics, Inc. (NASDAQ: ATOS) reported First Quarter ended March 31, 2017 financial results and provided an update on recent company developments (Press release, Atossa Genetics, MAY 11, 2017, View Source [SID1234519037]). Schedule your 30 min Free 1stOncology Demo! Steve Quay, President and CEO, commented, "We are encouraged by our positive progress in advancing the endoxifen program with our ongoing Phase 1 endoxifen study and pleased that our fulvestrant microcatheter study is proceeding at Montefiore Medical Center. We look forward to completing our endoxifen Phase 1 study in the next quarter and commencing a Phase 2 study in the second half of 2017."
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Recent Corporate Developments
Atossa’s important recent developments include the following:
May 2017 – Atossa received second positive safety decision in Phase 1 topical endoxifen study.
May 2017 – Institutional Review Board approved continuation of fulvestrant microcatheter Phase 2 study at Montefiore Medical Center.
April 2017 – Atossa received positive interim review from independent safety committee in Phase 1 topical endoxifen study.
April 2017 – Atossa enrolled first cohort of eight subjects in endoxifen study.
March 2017 – Atossa raised approximately $4.4 million in gross proceeds in a public offering.
March 2017 – Atossa opened its endoxifen Phase 1 clinical study.
Atossa plans to commence a Phase 2 clinical study of endoxifen in the second half of 2017.
Q1 2017 Financial Results
We are in the research and development phase and do not generate revenue.
Operating expenses: Total operating expenses were approximately $1.7 million for the three months ended March 31, 2017, consisting of general and administrative (G&A) expenses of approximately $1.1 million and R&D expenses of approximately $544,000. Operating expenses for the three months ended March 31, 2017 decreased approximately $641,000, or 27.5%, from approximately $2.3 million for the three months ended March 31, 2016, which consisted of G&A expenses of approximately $2.2 million, and R&D expenses of approximately $150,000.
The Company recorded a net loss of $1.7 million, for the three months ended March 31, 2017, as compared to a net loss of $2.3 million for the three months ended March 31, 2016.