Atossa Genetics

US: ATOS

$20.8m market cap

$3.68 last close

Based in Seattle, WA, Atossa Genetics is focused on the development of locally administered pharmaceuticals for the treatment of pre-cancer and early-stage breast cancer. Lead candidate afimoxigene topical gel is expected to start a Phase II study in 2016 in breast hyperplasia or DCIS.

Investment summary

Atossa is advancing endoxifen, a metabolite of tamoxifen, as a topical treatment for high mammographic breast density (MBD), a condition associated with higher cancer risk and gynecomastia. Atossa is also developing oral endoxifen as a potential treatment for breast cancer patients refractory to tamoxifen. About 20-25% of the 1.0m women taking tamoxifen worldwide develop resistance to it, and have an increased risk for cancer recurrence. The firm reported positive Phase I data for both formulations, including results showing that patients obtain “steady state” serum endoxifen levels after about 7 days of daily oral dosing.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.0 (6.9) (7.3) (2951.72) N/A N/A
2017A 0.0 (7.1) (7.2) (1000.81) N/A N/A
2018E 0.0 (12.9) (12.9) (430.82) N/A N/A
2019E 0.0 (11.7) (11.7) (188.22) N/A N/A
Last updated on 22/03/2019
Industry outlook

Atossa started Phase II trials for oral and topical endoxifen in women, and completed enrollment for the topical study. It is also planning to start a Phase II study in men with gynecomastia. It also started preclinical studies with its IDMC to explore potential use in immunotherapy. Atossa reported $13.0m net cash on 30 September 2018, which we believe can sustain operations until early 2020.

Last updated on 22/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 8.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 142.1 291.5 (44.7)
Relative* 141.4 237.8 (47.8)
52-week high/low US$7.1/US$0.9
*% relative to local index
Key management
Steven Quay CEO
Kyle Guse CFO