Atossa Therapeutics Regains Compliance with Nasdaq Minimum Bid Price Listing Requirements

Rhea-AI Summary

Atossa Therapeutics, Inc. (ATOS) has regained compliance with Nasdaq's minimum closing bid price requirement, ensuring its listing on the stock exchange. The company focuses on developing innovative medicines for breast cancer using (Z)-endoxifen.

Financial Analyst

Atossa Therapeutics' announcement of regaining compliance with Nasdaq's minimum bid price requirement is a positive signal to investors and stakeholders. This compliance is a reflection of investor confidence, possibly spurred by optimism surrounding the company's drug development pipeline. However, it's important to note that while regaining compliance is a good sign, it does not directly reflect the company's operational performance or the viability of its products in development.

The stock price can be influenced by a variety of factors including market sentiment, industry news and overall economic conditions. For a biopharmaceutical company like Atossa, which is in the clinical stage, the stock price can be particularly volatile as it may be heavily influenced by the perceived potential of its lead compounds, in this case, (Z)-endoxifen for breast cancer treatment and prevention.

Investors should be aware that the road from clinical trials to market is long and uncertain and while compliance with Nasdaq's requirements is necessary for continued listing, it does not guarantee future performance. The true test will be the results of ongoing clinical trials and eventual FDA approval processes.

Market Research Analyst

Atossa's focus on oncology, specifically breast cancer, targets a market with high demand and unmet medical needs. Breast cancer is one of the most common cancers worldwide, which means that any advancements in treatment could have significant market implications. The company's progress in developing (Z)-endoxifen may be contributing to its stock's recovery, as successful treatments for widespread diseases can lead to substantial revenue growth.

However, investors should consider the competitive landscape of the oncology market, where many companies are vying for a share. It's important to assess Atossa's drug pipeline and management's ability to navigate clinical trials, regulatory hurdles and eventually, market penetration against established treatments and other companies developing new therapies.

Long-term success will depend on the company's ability to maintain financial stability, manage regulatory challenges and eventually deliver a marketable product that provides a clear benefit over existing therapies. Market research into the adoption rates of new cancer treatments and the potential size of the market for (Z)-endoxifen could provide further insights into the company's future prospects.

Biotech Industry Analyst

Atossa's journey to regain compliance with Nasdaq's minimum bid price requirement can be seen as a microcosm of the biotech industry's volatility. The industry is characterized by high-risk and high-reward scenarios where stock prices can fluctuate dramatically based on clinical trial outcomes or regulatory decisions. For Atossa, maintaining a stock price above $1.00 is important to attract investment and retain institutional interest.

While the company's current focus is on (Z)-endoxifen, it's important for stakeholders to consider the broader pipeline and research initiatives. Diversification in drug development can mitigate risk, as the failure of one clinical trial can be offset by progress in another area. The ability to meet Nasdaq's requirements suggests Atossa has managed to maintain or increase its market value, which could be indicative of its strategic initiatives and investor relations efforts.

It's also worth noting that while Nasdaq compliance is a regulatory requirement, it does not directly speak to the intrinsic value of Atossa's research or the efficacy of its potential products. Investors should closely monitor the company's clinical trial updates, FDA filings and partnership announcements for a more comprehensive understanding of its growth trajectory.

SEATTLE, March 18, 2024 (GLOBE NEWSWIRE) -- Atossa Therapeutics, Inc. (Nasdaq: ATOS) (“Atossa” or the “Company”), today announced that on March 15, 2024, the Company received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the minimum closing bid price requirement under Nasdaq Listing Rule 5550(a)(2). Atossa is a clinical stage biopharmaceutical company developing innovative medicines in areas of significant unmet medical need in oncology, with a focus on using (Z)-endoxifen to prevent and treat breast cancer.

As previously disclosed, on September 26, 2023, the Company was notified by Nasdaq that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) because its common stock failed to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days. To regain compliance, the Company was required to maintain a minimum closing bid price of $1.00 per share for at least 10 consecutive trading days. This requirement was met on March 14, 2024.

About (Z)-Endoxifen
(Z)-endoxifen is the most active metabolite of the FDA approved Selective Estrogen Receptor Modulator (SERM), tamoxifen. Studies have demonstrated that the therapeutic effects of tamoxifen are driven in a concentration-dependent manner by (Z)-endoxifen. In addition to its potent anti-estrogen effects, (Z)-endoxifen at higher concentrations has been shown to target PKCβ1, a known oncogenic protein. (Z)-endoxifen also appears to deliver similar or even greater bone agonistic effects while resulting in little or no endometrial proliferative effects compared with tamoxifen.

Atossa is developing a proprietary oral formulation of (Z)-endoxifen that does not require liver metabolism to achieve therapeutic concentrations and is encapsulated to bypass the stomach as acidic conditions in the stomach convert a greater proportion of (Z)-endoxifen to the inactive (E)-endoxifen. Atossa’s (Z)-endoxifen has been shown to be well tolerated in Phase 1 studies and in a small Phase 2 study of women with breast cancer. (Z)-endoxifen is currently being studied in four Phase 2 trials: one in healthy women with measurable breast density, one in women diagnosed with ductal carcinoma in situ, and two other studies including the EVANGELINE study in women with ER+/HER2- breast cancer. Atossa’s (Z)-endoxifen is protected by three issued U.S. patents and numerous pending patent applications.

About Atossa Therapeutics
Atossa Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing innovative medicines in areas of significant unmet medical need in oncology with a focus on using (Z)-endoxifen to prevent and treat breast cancer. For more information, please visit www.atossatherapeutics.com.

Contact
Eric Van Zanten
VP, Investor and Public Relations
610-529-6219
eric.vanzanten@atossainc.com

FORWARD LOOKING STATEMENTS
This press release contains certain information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We may identify these forward-looking statements by the use of words such as “expect,” “potential,” “continue,” “may,” “will,” “should,” “could,” “would,” “seek,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “future,” or other comparable words. Forward-looking statements in this press release are subject to risks and uncertainties that may cause actual results, outcomes, or the timing of data related to the (Z)-endoxifen program, the potential of (Z)-endoxifen as a breast cancer prevention and treatment agent, of actual results or outcomes, to differ materially from those projected or anticipated, including risks and uncertainties associated with: macroeconomic conditions and increasing geopolitical instability; the expected timing of releasing data; any variation between interim and final clinical results; actions and inactions by the FDA and foreign regulatory bodies; the outcome or timing of regulatory approvals needed by Atossa, including those needed to continue our planned (Z)-endoxifen trials; our ability to satisfy regulatory requirements; our ability to remain compliant with the continued listing requirements of the Nasdaq Stock Market; our ability to successfully develop and commercialize new therapeutics; the success, costs and timing of our development activities, including our ability to successfully initiate or complete our clinical trials, including our (Z)-endoxifen trials; our anticipated rate of patient enrollment; our ability to contract with third-parties and their ability to perform adequately; our estimates on the size and characteristics of our potential markets; our ability to successfully defend litigation and other similar complaints and to establish and maintain intellectual property rights covering our products; whether we can successfully complete our clinical trial of oral (Z)-endoxifen in women with mammographic breast density and our trials of (Z)-endoxifen in women with breast cancer, and whether the studies will meet their objectives; our expectations as to future financial performance, expense levels and capital sources, including our ability to raise capital; our ability to attract and retain key personnel; our anticipated working capital needs and expectations around the sufficiency of our cash reserves; and other risks and uncertainties detailed from time to time in Atossa’s filings with the Securities and Exchange Commission, including without limitation its Annual Reports on Form 10-K and Quarterly Reports on 10-Q. Forward-looking statements are presented as of the date of this press release. Except as required by law, we do not intend to update any forward-looking statements, whether as a result of new information, future events or circumstances or otherwise.

What is the latest announcement from Atossa Therapeutics, Inc. (ATOS)?

Atossa Therapeutics, Inc. (ATOS) has regained compliance with Nasdaq's minimum closing bid price requirement.

What is the focus of Atossa Therapeutics, Inc. (ATOS) in terms of drug development?

Atossa Therapeutics, Inc. (ATOS) focuses on developing innovative medicines for breast cancer using (Z)-endoxifen.

Why was Atossa Therapeutics, Inc. (ATOS) not in compliance with Nasdaq Listing Rule 5550(a)(2) previously?

Atossa Therapeutics, Inc. (ATOS) was not in compliance due to its common stock failing to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days.

When did Atossa Therapeutics, Inc. (ATOS) regain compliance with Nasdaq Listing Rule 5550(a)(2)?

Atossa Therapeutics, Inc. (ATOS) regained compliance on March 14, 2024, by maintaining a minimum closing bid price of $1.00 per share for at least 10 consecutive trading days.