SEATTLE, WA -- (Marketwired) -- 05/20/14 -- Atossa Genetics Inc., (NASDAQ: ATOS) today announced it has hired Jelle W. Kylstra, M.D., MBA as Vice President, Clinical Research and Development, who joined the Company May 19, 2014. Dr. Kylstra is an accomplished pharmaceutical and medical device product development physician and manager with over 23 years industry experience, including 16 years in hematology/oncology, having served in both Medical Affairs and Clinical Development roles in the pharmaceutical and the medical device industries. Dr. Kylstra brings a unique combination of experience in both Big Pharma operations and regulatory approval pathways with a strong track record of guiding six oncology drugs, an oncology medical device, two pulmonary drugs, and an osteoporosis drug towards successful registration and/or label expansion with the FDA and/or EMA.
"We are delighted to welcome Dr. Kylstra to our team as a key step in developing our therapeutic programs, which we believe will generate tremendous value for the Company," said Dr. Steven Quay, Chairman, President and CEO. "The ultimate goal of Atossa is to commercialize pharmaceutical therapies to treat the breast health conditions that are detected and monitored with our medical devices and laboratory tests. Dr. Kylstra will play a vital role in the development of these pharmaceutical treatments and related companion diagnostics," he continued.
"I am very pleased to join Atossa Genetics to serve as Vice President, Clinical Research and Development," said Dr. Jelle Kylstra. "My background and expertise in pharmaceutical and medical device product development will help Atossa Genetics achieve its goal of reducing breast cancer's burden by diagnosis and treatment of early stage, local cancer or even pre-cancerous conditions," he added.
Prior to joining Atossa, Dr. Kylstra served as Vice President, Global Clinical Affairs at Spectrum Pharmaceuticals from 2010, providing worldwide Medical Affairs team leadership in developing Radio-immuno Therapy (Zevalin), histone deacetylase inhibitors (Belinostat), pralatrexate (Folotyn), liposomal vincristine (Marqibo) and hematopoetic stimulating factors (LAPS-GCSF). Prior to joining Spectrum, Dr. Kylstra served in clinical development roles of increasing responsibility at AngioDynamics Inc., Light Sciences Corp., Dendreon Corp., PathoGenesis Corp., Zeneca Pharmaceuticals (including oncology therapeutics for breast cancer) and Proctor & Gamble Pharmaceuticals. In 1990 Dr. Kylstra received an MBA from Northwestern University, J.L. Kellogg Graduate School of Management, and prior to that he received a Medical Doctor (MD) degree, Master of Medicine, and Bachelor of Medicine from the University of Amsterdam. Dr. Kylstra is a member of the American Society of Clinical Oncology (ASCO), the Academy of Pharmaceutical Physicians and Investigators (APPI), and the American Association for Cancer Research (AACR).
On May 19, 2014, and as an inducement to cause Dr. Kylstra to join the Company, he was awarded an option to purchase a total of 200,000 shares of common stock of the Company, par value $0.001 per share, which are outside the Company's 2010 Stock Option and Incentive Plan. The stock option has an exercise price equal to $1.25 per share, the fair market value on the grant date and vests over a four-year period from his commencement of service. This stock option was granted as an inducement material to Dr. Kylstra's entering into employment with the Company and is being reported in accordance with NASDAQ Listing Rule 5635(c)(4).
About Atossa Genetics
Atossa Genetics Inc. is focused on improving breast health through the development of laboratory developed tests (LDTs), medical devices and therapeutics. The Company's LDTs are being developed by its subsidiary, The National Reference Laboratory for Breast Health, Inc. The LDTs and the Company's medical devices are being developed so they can be used as companions to therapeutics to treat various breast health conditions. For additional information, please visit www.atossagenetics.com.
Forward-looking statements in this press release 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 actions by the FDA, including timing of review by the FDA of 510(k) submissions, and actions related thereto, whether Atossa can submit additional information to the FDA in a timely fashion and whether the FDA will find that information acceptable and/or request additional information, the outcome of the FDA re-inspection completed on March 14, 2014, the outcome or timing of regulatory clearances needed by Atossa to sell its products, responses to regulatory matters, Atossa's ability to continue to manufacture and sell its products, recalls of products, the efficacy of Atossa's products and services, performance of distributors, estimated future expenses and cash needs, whether Atossa can launch in the United States and foreign markets the additional tests, devices and therapeutics in its pipeline in a timely and cost effective manner, 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.