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Atossa Genetics Prices IPO At $5/Shr, Midpoint Of Proposed Range

 November 08, 2012 09:51 AM

(By Balachander) Atossa Genetics Inc. (NASDAQ: ATOS) has priced its initial public offering (IPO) of 800,000 shares at $5.00 apiece, the midpoint of its proposed range.

The Seattle, Washington-based health care company is focused on the prevention of breast cancer through the commercialization of diagnostic tests.

For the six months ended June 30, 2012, Atossa incurred operating losses of roughly $2.2 million. As of December 31, 2011 and June 30, 2012, the company generated $1,500 and $277,810 in revenue.

Atossa offers two diagnostic tests and plan to offer two additional tests in early 2013.

The company owns 179 issued patents (56 in the United States and 123 in foreign countries), and 50 pending patent applications. It has eleven 510(k)-cleared medical devices and two 510(k)-exempt medical devices.

Atossa plans to use the net proceeds from the offering to expand its cytology and molecular diagnostics laboratory, fund the manufacture of MASCT System units, continue the research and development of the FullCYTE and NextCYTE tests.

The underwriters were granted a 45-day option to purchase up to an additional 120,000 shares to cover over-allotments, if any.

Atossa's common stock will commence trading on the NASDAQ Capital Market under the trading symbol "ATOS" on November 8, 2012.

Dawson James Securities, Inc. is the sole book-running manager for this offering.

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