Update: One step forward, one step back
A Phase II study evaluating Atossa’s intraductal microcatheter (IDMC) for the delivery of approved cancer drug fulvestrant to the breast, is ready for enrollment. The firm’s other program, afimoxifene topical gel (AfTG), is now on hold, pending resolution of a contract dispute with licensor Besins Healthcare. AfTG is intended to provide transdermal selective estrogen receptor modulation (SERM) to the breast area, with fewer adverse events than oral SERMs. Our rNPV-derived equity valuation has declined to $5.4m (from $14.2m), mostly due to AfTG delays and uncertainty. With $3.2m net cash at Q116 and a Q116 burn rate of $3.0m, we expect Atossa to raise additional funding in coming weeks.
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