Atossa Genetics Inc (NASDAQ:ATOS) Stumbles After Product Recall

Posted by Steve Raasch October 8, 2013 0 Comment 1058 views

Atossa Genetics Inc (NASDAQ:ATOS) sells the ForeCYTE test. This test is used as an early warning of breast-cancer risk. The company is recalling this product from the market, voluntarily. All the services and products that are associated with this particular test will be recalled.

Last month, Steven Quay, the Chief Executive Officer of the company said that this test that collects breast-fluids which are sent to the laboratory for analysis is not about detection, but about cancer prevention. The device is to be used for finding the cause of the cancer and not to actually locate the cancer itself. This test is targeted at women in the 20-30 yrs age group.

FDA concerns

In a statement on Friday, the Chief Executive Officer said that the company is recalling the product in order to address all the concerns that have been raised by the U.S Food Drug Administration. The latter had sent Atossa Genetics Inc (NASDAQ:ATOS) a warning letter that included some promotional claims, instructions and modifications that had been made to 1 device. The company said that it will be recalling its products from the shelves till such a time that the regulators’ concerns are satisfactorily resolved.

Monday’s trading session

In Monday’s trading, Atossa Genetics Inc (NASDAQ:ATOS) dropped by 46.43%. The opening price of the shares was $2.56, which climbed to an intraday high of $3.18 and dipped to a close of $2.85. Approximately 3.70 million shares were traded on Monday while an average volume of 0.474 million shares were traded over a 30 day period. The 52-week low of Atossa Genetics Inc (NASDAQ:ATOS) shares is $2.54 and its 52-week high is $12.40. The company has a market capitalization of $44.40 million.

About the company

Atossa Genetics Inc (NASDAQ:ATOS) is a development stage health-care company. It focuses on preventing breast cancer via commercialization of diagnostic-tests that are able to detect precursors to breast-cancer.

About Steve Raasch

Steve Raasch is a breaking news reporter for GDP insider. During his nearly two decades of editorial experience, Steve has covered a variety of topics including small business, health, personal finance, advertising, workplace issues and consumer behavior. Steve is very passionate about his work. Steve earned a master of arts degree in international relations from the Johns Hopkins University School of Advanced International Studies in Washington.

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