On August 13, 2018 Atossa Genetics Inc. (NASDAQ: ATOS), a clinical-stage biopharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, reported second quarter ended June 30, 2018 financial results and provided an update on recent company developments (Press release, Atossa Genetics, AUG 13, 2018, View Source [SID1234528826]).
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Steve Quay, President and CEO commented, "We have made tremendous progress with our clinical programs. We opened enrollment in two phase 2 clinical studies: one study using our proprietary topical Endoxifen for breast density reduction, and another study using our proprietary oral Endoxifen for reducing breast cancer tumor cell activity in the "window of opportunity" between diagnosis of breast cancer and surgery. We also completed dosing and patient visits in our phase 1 study of topical Endoxifen in men. Our intraductal microcatheter immunoOncology pre-clinical program was launched and we contracted with an additional manufacturer for Endoxifen. We have had a very busy and productive first six months of 2018 as we continue the momentum in the advancement of our clinical programs. We are looking forward to announcing preliminary results from our phase 1 study of topical Endoxifen in men by September 30, 2018," added Dr. Quay.
Recent Corporate Developments
Atossa’s important recent developments include the following:
August 2018 – Contracted with a US-based additional manufacturer of Endoxifen.
July 2018 – Announced intraductal microcatheter immunoOncology pre-clinical program.
July 2018 – Opened enrollment in phase 2 study of oral Endoxifen to treat breast cancer.
June 2018 – Opened phase 2 study of topical Endoxifen to treat mammographic breast density.
June 2018 – Completed all dosing and clinical visits in its phase 1 study of topical Endoxifen in men.
June 2018 – Appointed two additional prominent industry executives from Pfizer and the Belgium-based Flemish Institute of Biotechnology to strategic advisory board.
May 2018 – Announced $13.4 million in gross proceeds from rights offering.
May 2018 – Formed strategic advisory board to accelerate growth with prominent former pharmaceutical executives from Pfizer and Boehringer Ingelheim.
April 2018 – Received a positive interim safety review on the Phase 1 study of topical Endoxifen in men.
Q2 2018 Financial Results
For the three and six months ended June 30, 2018 and 2017, we had no revenue and no associated cost of revenue.
Total operating expenses were approximately $4.1 million and $6.0 million for the three and six months ended June 30, 2018, respectively, consisting of general and administrative (G&A) expenses of approximately $2.7 million and $4.1 million, respectively; and research and development (R&D) expenses of approximately $1.5 million and $1.9 million, respectively. For the previous year, total operating expenses were approximately $1.9 million and $3.6 million for the three and six months ended June 30, 2017, respectively, consisting of G&A expense of approximately $1.1 million and $2.2 million, respectively, and R&D expenses of $0.8 million and $1.4 million, respectively.