SEATTLE - Atossa Therapeutics, Inc. (NASDAQ:ATOS), a clinical-stage biopharmaceutical company, announced today that it has regained compliance with Nasdaq's minimum bid price requirement. The company, which specializes in developing treatments for breast cancer, particularly with its drug (Z)-endoxifen, had previously been notified of non-compliance due to its stock price falling below the $1.00 minimum threshold.
On September 26, 2023, the Nasdaq Listing Qualifications Department alerted Atossa that its stock did not meet the minimum closing bid price requirement for 30 consecutive business days. To regain compliance, Atossa's stock needed to maintain a closing bid price of at least $1.00 for 10 consecutive trading days, a benchmark achieved on March 14, 2024.
Atossa's lead product candidate, (Z)-endoxifen, is currently undergoing Phase 2 trials. The company is exploring the potential of (Z)-endoxifen in preventing and treating breast cancer, with ongoing studies in various patient groups, including those with measurable breast density and ductal carcinoma in situ.
(Z)-endoxifen, an active metabolite of the approved drug tamoxifen, has shown promise in early clinical evaluations. Atossa's formulation aims to deliver therapeutic concentrations without the need for liver metabolism and is designed to bypass the stomach to prevent conversion to an inactive form.
The company's efforts in the oncology space are backed by three issued U.S. patents and several pending patent applications. Atossa's progress is closely watched by investors and patients alike, as the company continues to advance its clinical programs and seeks to address significant unmet medical needs in cancer treatment.
This announcement is based on a press release statement from Atossa Therapeutics, Inc.
InvestingPro Insights
As Atossa Therapeutics, Inc. (NASDAQ:ATOS) celebrates its return to compliance with Nasdaq's minimum bid price requirement, the company's financial health and market performance come into focus. With a market capitalization of $161.64 million, Atossa's valuation reflects investor confidence in its potential despite the challenges in the biopharmaceutical sector. Notably, the company's stock has seen a significant uptick, with a 1-year price total return of 86.96%, and is currently trading near its 52-week high, at 92.81% of the peak.
Investors considering Atossa's stock will find it relevant that the company holds more cash than debt on its balance sheet, a position that may offer some resilience against market volatility. However, it's important to note that Atossa's gross profit margins have been weak, and analysts do not expect the company to be profitable this year. This aligns with the reported operating income, which stands at a loss of $30.5 million for the last twelve months as of Q3 2023.
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Ultimately, as Atossa Therapeutics continues to develop its promising (Z)-endoxifen drug for breast cancer treatment, the company's financial metrics and stock performance will remain key indicators for investors monitoring its journey through clinical trials and towards potential commercial success.
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