Atossa Genetics - Atossa raises $13.4m in rights offering
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.Atossa Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapeutics and delivery methods for the treatment of breast cancer and other breast conditions. The company's primary program is the development of Endoxifen, which is an active metabolite of tamoxifen to treat and prevent breast cancer. The company is developing an oral and topical form of Endoxifen. The company's Endoxifen is being developed to potentially treat a number of conditions, including: mammographic breast density; breast cancer in the window of opportunity between diagnosis of breast cancer and surgery; gynecomastia, which is male breast enlargement; and the recurrence of breast cancer.
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