Atossa Therapeutics Inc (NASDAQ:ATOS) began treating an ovarian cancer patient with its oral Endoxifen under an expanded pathway permitted previously by the US FDA.
Surgeon-in-Chief, Barbara Goff is treating the patient at the University of Washington Medical Center using Endoxifen.
CEO of Atossa, Steven Quay, said the patient could not withstand tamoxifen because of recurrent ovarian cancer. Tamoxifen is usually prescribed for breast cancer and ovarian cancer.
Alpelisib and Endoxifen elicit exceptional tumor response
The patient is subjected to molecular genomic testing with the help of 3D tumor organoid cultures developed in the lab to find the potential therapies. Atossa obtained an exceptional tumor response using a combination of alpelisib and Endoxifen in the testing.
Steven said the company would assess this patient’s progress in the trial and initiate clinical studies in patients with ovarian cancer.
Steven participates in CPVC on May 6, 2021
Steven will take part in a panel discussion on May 6, 2021, at CPVC (Cancer Progress Virtual Conference) organized by Cello Health.
Lowers operational spending in 2020
Atossa reported a reduction of 15% YoY in operational spending, including G&A expenses of $7.999 million and R&D spending of $6.608 million to $14.607 million in 2020. It has no source of revenues in 2020.
Atossa entered a securities purchase accord with institutional investors on March 22, 2021, under SRS (shelf registration statement) on Form S-3. As per the terms of the agreement, they will purchase shares and warrants of Atossa amounting to $50 million through a registered direct offering.
The total price of 0.75 warrants and one common share of Atossa is set at $2.88. Atossa will issue 17.36 million shares to institutional investors. The company can also offer additional unregistered warrants of 13.020 million through a private placement. Each warrant can be exercised at $2.88 for each share immediately and have a validity of four and half years from the date of issue.
Atossa appointed Maxim Group LLC as a placement agency for the offering, close on or before March 24, 2021.
Atossa develops and discovers innovative medicines to meet significant unmet needs in infectious diseases and oncology.