ATOSSA GENETICS INC (ATOS) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $0.20 million in the quarter, against a net loss of $4.32 million in the last year period.
Operating loss for the quarter was $1.56 million, compared with an operating loss of $3.84 million in the previous year period.
Dr. Steve Quay, president and chief executive officer, commented, “We are pleased with our continuing achievements in the Third Quarter 2016, which enabled us to strengthen Atossa’s foundation and further our drug development program goals. Our settlement with Besins Healthcare, and our recently completed capital raise provided Atossa with approximately $4 million in additional capital with which to advance our two exciting drug development programs.”
Working capital drops significantlyATOSSA GENETICS has witnessed a decline in the working capital over the last year. It stood at $3.70 million as at Sep. 30, 2016, down 40.79 percent or $2.55 million from $6.25 million on Sep. 30, 2015. Current ratio was at 5.28 as on Sep. 30, 2016, up from 2.90 on Sep. 30, 2015.
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