SEATTLE, WA--(Marketwire - Dec 20, 2012) - Atossa Genetics, Inc. ( NASDAQ : ATOS ) today announced financial results for the third quarter of 2012, ended September 30, 2012.

"During the third quarter of 2012, we successfully completed our initial public offering of 800,000 shares at $5.00 per share, the midpoint of our price range. The proceeds from the IPO will enable us to accelerate the national roll-out of our first FDA-cleared and marketed product, the ForeCYTE Breast Health Test for breast cancer risk assessment," stated Steven C. Quay, M.D., Ph.D., Chairman, President and CEO. "Our IPO was the only biotech IPO priced in the month of November and was priced in the immediate aftermath of Hurricane Sandy. I believe this is a testament to the strength of our business model and the significant revenue and earnings potential of Atossa Genetics over the next several years as we pursue the further commercialization of the ForeCYTE and ArgusCYTE tests with the 5,000-strong launch team through our marketing partner, Diagnostics Testing Group, LLC, the commercialization of two new tests in 2013, and the advancement of our intraductal therapeutics program to safely and effectively treat pre-cancerous breast lesions."

Third Quarter 2012 Results

Total revenues for the third quarter of 2012 were $105,576, comprising $104,011 in diagnostic testing services and $1,565 in product sales, versus no revenues for the third quarter of 2011. The ForeCYTE and ArgusCYTE tests were launched through a field experience trial beginning in December 2011 and are expected to be rolled out nationally starting in early 2013.

Gross margin for the third quarter was 86 percent on gross profit of $90,499.

Operating expenses are comprised of selling, general and administrative (SG&A) expenses and research and development. For the third quarter of 2012, total operating expenses were $1.23 million versus $1.27 million for the third quarter of 2011.

Net loss for the third quarter ended September 30, 2012, was $1.14 million, or ($0.10) per share, versus a net loss of $1.27 million, or ($0.11) per share, for the year-ago quarter.

As of September 30, 2012, the Company had cash and cash equivalents of $418,570 versus $1.91 million at the end of December 2011. The company completed its IPO in November 2012, raising $4.0 million in gross proceeds prior to expenses and net proceeds of approximately $3.5 million.

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About Atossa Genetics, Inc.

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Atossa Genetics Announces Third Quarter 2012 Financial Results

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