Atossa Genetics Inc (NASDAQ: ATOS) is headed for the top in the market this morning, and for good reason. The company announced a clinical update surrounding a positive interim review of a Phase 1 clinical study. As you could imagine, with the positive news in mind, excited investors are pushing the stock toward the top. Today, we’ll talk about:
- The positive review;
- what we’re seeing out of ATOS as a result; and
- what we’ll be watching for ahead.
ATOS Provides Clinical Update
As mentioned above, Atossa Genetics is having a strong start to the trading session this morning after providing a clinical update. In a press release issued early this morning, the company announced that it has received a positive interim review on its Phase 1 study assessing topical endoxifen in men. The treatment was developed to treat gynecomastia, a common condition in patients that are being treated for, or have been treated for, prostate cancer. In the release, ATOS announced that the Independent Safety Committee has reviewed the blinded data generated from the first group of eight patients within the study. The result of the review was that the study has been cleared to advance to the next dosing level. In a statement, Dr. Steven Quay, Ph.D., MD, President and CEO at ATOS, had the following to offer:
This positive safety determination is on the critical path for a successful outcome of this Phase 1 study in men… It is the first assessment of our clinical safety and tolerability data and it indicates that proceeding to the next dosing level with our proprietary topical endoxifen is warranted. We can now advance to the next level of the study which is to escalate the dosage in a new cohort of subjects as we continue to monitor safety and tolerability in the first cohort of the study…. We believe this is the first clinical trial ever conducted of a topical pharmaceutical for the treatment of gynecomastia. There are no approved drugs, either topical or oral, for this important, unmet medical need which affects 25% of men ages 50-69.
What We’re Seeing From The Stock
With the positive news surrounding the company’s work to progress endoxifen through the Phase 1 clinical trial, it’s no surprise that Atossa Genetics is headed for the top in the market today. After all, there are few pieces of information that biotech investors view as being quite as positive as a strong recommendation surrounding a clinical trial or strong data. So, with the recommendation from the Independent Safety Committee that the company may move topical endoxifen to the next level, investors are excited, pushing the stock to the top. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:36), ATOS is trading at $3.50 per share after a gain of $0.51 per share (17.06%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ATOS. In particular, we’re interested in following the continued development surrounding endoxifen as well as the rest of the company’s pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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