Cash Proceeds from Exercise of Outstanding Warrants
SEATTLE, March 18, 2019 (GLOBE NEWSWIRE) -- Atossa Genetics Inc. (ATOS), a clinical-stage biopharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, today announced that on March 14 and 15, 2019, it received approximately $10 million from exercises of previously outstanding warrants. The warrants were issued by the Company in the rights offering completed May 30, 2018. As result of the warrant exercises, the Company retired 2.5 million warrants and issued 2.5 million shares of common stock.
“The $10 million in cash proceeds significantly enhances our cash position and provides working capital for our ongoing and planned clinical studies,” commented Kyle Guse, CFO and General Counsel of Atossa Genetics. “Moreover, the warrant exercises are essentially ‘non-dilutive’ because the warrants were previously outstanding and are now removed from our overhang.”
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The warrants and underlying common stock are registered on Form S-1 (Reg. No. 333-223949) on file with the U.S. Securities and Exchange Commission (the "SEC"). The registration statement was declared effective by the SEC on May 9, 2018. The registration statement is available on the SEC's web site at http://www.sec.gov.
About Atossa Genetics
Atossa Genetics Inc. is a clinical-stage biopharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions. For more information, please visit www.atossagenetics.com.
Forward-looking statements in this press release, which Atossa undertakes no obligation to update, 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 and inactions by the FDA, the outcome or timing of regulatory approvals needed by Atossa, lower than anticipated rate of patient enrollment, higher than anticipated drop-outs by study participants including because of skin irritations in our Phase 2 breast density study, results of clinical studies, the safety and efficacy of Atossa's products and services, performance of clinical research organizations and investigators, obstacles resulting from proprietary rights held by others, such as patent rights, 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 Genetics Company Contact:
Atossa Genetics Inc.
CFO and General Counsel
Office: 866 893-4927
Investor Relations Contact:
377 Oak Street
Garden City, NY 11530
Office: (516) 222-2560