Atossa Genetics: Funded Into Q4, 17, Endoxifen In Phase I
Edison | May 31, 2017 02:28AM ET
Atossa Genetics (NASDAQ:ATOS) raised $4.4m in April 2017 in an equity raise consisting of common shares, Series A convertible preferred shares (SACPS), and warrants. We believe the proceeds should extend its cash runway into Q417 as it advances its 30-patient Phase II study on IDMC-delivering fulvestrant in patients scheduled for mastectomy or lumpectomy, and its 48-patient Phase I trial on endoxifen. We obtain an rNPV-based equity valuation of $9.3m.
Endoxifen now in Phase I studies
About 20% of the 300,000 US women currently taking tamoxifen (primarily to prevent recurrence of breast cancer) do not achieve sufficient concentrations of the active estrogen receptor blocking metabolite, endoxifen, and may have increased the risk of cancer recurrence. In March 2017, Atossa started a placebo-controlled, repeat dose 28-day Phase I study on 48 healthy females in Australia, which will evaluate the safety, tolerability, and pharmacokinetics of both an oral and a topical endoxifen formulation. Atossa plans to start a Phase II study in H217, and we estimate a pivotal study can begin in mid-2018.
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