Atossa Therapeutics Announces $10M Stock Repurchase Program
27 Juin 2023 - 3:15PM
Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical stage
biopharmaceutical company developing innovative proprietary
medicines to address significant unmet needs in oncology with a
focus on breast cancer, today announces that its Board of Directors
has approved a share repurchase program with authorization to
purchase up to $10 million of its common stock through December 31,
2023.
"We are committed to strategically deploying capital to drive
long-term value for stockholders,” said Dr. Steven Quay, Atossa’s
President and Chief Executive Officer. "We believe that the current
macroeconomic environment along with the long-term prospects of our
business provide a unique buyback opportunity and this stock
repurchase program reflects our confidence in the execution of our
strategic priorities and the bright future of Atossa."
"Given the strength of our balance sheet and the progress we
have made with our (Z)-endoxifen development program that includes
multiple ongoing Phase 2 studies, we believe the current share
price presents an attractive and strategic buying opportunity for
our stock,” said Greg Weaver, Atossa’s Chief Financial Officer.
“The approved share repurchase program is designed to create
stockholder value over the long term. The size of the repurchase
authorization is less than 10% of total cash, as reported on March
31, 2023, and should not have a material impact on our cash runway,
which currently exceeds three years."
Under the stock repurchase program, Atossa expects to repurchase
shares of its common stock from time to time in open market
transactions, privately negotiated block transactions, or other
means, including through the use of trading plans intended to
qualify under Rule 10b5-1 and 10b-18 of the Securities Exchange Act
of 1934, in accordance with applicable securities laws and
regulations. The number of shares to be repurchased and the timing
of the repurchases, if any, will depend on several factors,
including, but not limited to, stock price, trading volume and
general market conditions, along with the Company’s working capital
requirements and general business conditions. The repurchase
authorization does not oblige the Company to acquire any particular
amount of its common stock. The Board of Directors may suspend,
modify, or terminate the stock repurchase program at any time
without prior notice.
About Atossa TherapeuticsAtossa Therapeutics,
Inc. is a clinical-stage biopharmaceutical company developing
innovative medicines in areas of significant unmet medical need in
oncology with a focus on breast cancer. For more information,
please visit www.atossatherapeutics.com
CONTACT:Eric Van ZantenVP, Investor and Public
Relations610-529-6219eric.vanzanten@atossainc.com
FORWARD LOOKING STATEMENTSForward-looking
statements in this press release, which Atossa undertakes no
obligation to update, are subject to risks and uncertainties that
may cause actual results to differ materially from the anticipated
or estimated future results, including the risks and uncertainties
associated with our ability to execute on our stock repurchase
program, due to changes in stock price or market or business
conditions, any variation between interim and final clinical
results, actions and inactions by the FDA, the outcome or timing of
regulatory approvals needed by Atossa including those needed to
commence studies of (Z)-endoxifen, lower than anticipated rate of
patient enrollment, estimated market size of drugs under
development, the safety and efficacy of Atossa’s products,
performance of clinical research organizations and investigators,
obstacles resulting from proprietary rights held by others such as
patent rights, whether reduction in breast density or in Ki-67 or
any other result from a neoadjuvant study is an approvable endpoint
for (Z)-endoxifen, whether Atossa can complete acquisitions, and
other risks detailed from time to time in Atossa’s filings with the
Securities and Exchange Commission, including without limitation
its periodic reports on Form 10-K and 10-Q, each as amended and
supplemented from time to time.
Atossa Therapeutics (NASDAQ:ATOS)
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