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Atossa Genetics (ATOS)

Business description

Based in Seattle, WA, Atossa Genetics is focused on the development of locally administered pharmaceuticals for the treatment of pre-cancer and early-stage breast cancer. Lead candidate afimoxigene topical gel is expected to start a Phase II study in 2016 in breast hyperplasia or DCIS.

Stock data

Market cap.US$6.6m
Last closeUS$2.50
High / Low (52 weeks)US$14.6 / US$2.4
Stock market listingUS
Forecast net cash (US$m)7.2
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(30.2)(61.4)(58.5)
Relative *(31.4)(62.1)(63.1)

* % Relative to local index

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Company news

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 0.0 (6.9) (7.3) (2951.72) N/A N/A
2017A 0.0 (7.1) (7.2) (1000.81) N/A N/A
2018E 0.0 (11.4) (11.4) (429.43) N/A N/A
2019E 0.0 (7.0) (7.0) (257.02) N/A N/A

Last updated on 14/06/2018

Investment summary

Atossa’s previously announced rights offering closed on 30 May 2018, generating $13.3m in gross proceeds ($12.1m net) through the issue of 13,324 shares of Series B convertible preferred stock (SBCPS) and 3,784,016 warrants exercisable at $4.05 per share. We believe the funds raised could sustain operations into early 2020. Each SBCPS is immediately convertible into 284 common shares. Assuming the full conversion of all SBCPS into common shares, the number of Atossa’s fully diluted (FD) common shares outstanding has increased by 143% to 6.44m. While our rNPV ($24.4m) is largely unchanged, our per-share equity valuation has reduced to $5.87 per share (from $11.30 previously) due to the dilutive impact of the equity raise.

Last updated on 15/06/2018

Industry outlook

Atossa is also advancing its proprietary intraductal microcatheter (IDMC), intended to selectively introduce drugs to breast ducts to improve drug targeting. It is combining its IDMC with established cancer drug fulvestrant and started a Phase II trial in 2016. The firm plans to start Phase II trials for oral and topical endoxifen in Q218. Atossa had $7.3m net cash on 31 December 2017, which we estimate extends its runway into Q318.

Last updated on 27/04/2018

Key management

Steven Quay , CEO
Kyle Guse, CFO

Company address

2300 Eastlake Ave E
Suite 200
Seattle
WA 98102
United States
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