Seeking Alpha

Atossa Genetics under pressure after voluntary recall

  • Monday is likely to be rough for Atossa Genetics (ATOS).
  • The shares fell 49% AH Friday, as the company announced the voluntary recall of the ForeCYTE Breast Health Test and the Mammary Aspiration Specimen Cytology Test.
  • Although a new premarket application is expected by the end of October, CEO Steven Quay says "the government shutdown makes the timing of [a presubmission] meeting and the subsequent filing impossible to predict."
  • ATOS did not say when the tests would go on sale again.
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Comments (3)
  • holydawn
    , contributor
    Comments (139) | Send Message
     
    so, how does a voluntary recall compare with an FDA recall. Is this the only product ATOS has to offer?
    7 Oct 2013, 12:22 AM Reply Like
  • Mongoose7916
    , contributor
    Comments (229) | Send Message
     
    Its not the only product they offer but it seems to be the main one. However the recall seems to be for ticky-tack issues with the instructions, etc... Way too big of drop for a voluntary recall where the drug is still functioning. Keep in mind though this is still a developmental biotech lots of risk since any real earnings are probably at least a year away at this point.
    7 Oct 2013, 12:33 PM Reply Like
  • Mongoose7916
    , contributor
    Comments (229) | Send Message
     
    I guess its not a drug for whatever reason I just assume all biotechs sell drugs.
    7 Oct 2013, 12:35 PM Reply Like
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