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Cytos Biotechnology Announces Full Year 2012 Financial Results

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SCHLIEREN, Switzerland, February 14, 2013 /PRNewswire/ --

Cytos Biotechnology Ltd (SIX:CYTN) today presented its full year 2012 financial results.

Full year consolidated financial figures 2012:

Balance Sheet

Funds available for financing the Company's operations amount to CHF 28.70 million as per December 31, 2012, and include cash and cash equivalents, financial assets and trade and other receivables. They were slightly lower than at the end of December 31, 2011 (CHF 28.82 million). This net change is composed of cash increased by CHF 33.58 million due to funds being raised in the form of equity and debt as well as payments from collaboration partners of CHF 1.10 million and other payments of CHF  0.25 million. Cash decreased mainly due to the partial repayment of the convertible bonds (CHF  16.14 million) which were restructured, due to convertible bonds being purchased as well as funds (CHF 14.62 million) mainly being spent on on-going operating activities.

As of December 31, 2012, convertible bonds with a nominal value of CHF 13.17 million maturing in February 2015 are outstanding and not held by Cytos. In addition, convertible loan notes of CHF  6.63  million are outstanding as per December 31, 2012 which are coming due for repayment in February 2015.

Revenues

Revenues decreased from CHF 1.57 million in 2011 to CHF 1.10 million in 2012. In 2012 the revenue stems from license fees from Novartis of CHF 1.00 million and revenue from a technology transfer of CHF 0.10 million. In 2011 the revenue was mainly derived from licence fees from Novartis of CHF  1.00  million, as it was the case in 2012, and revenue from former contract partners.

Cash burn

The gross cash burn for operating activities decreased from CHF 1.54 million in average per month in 2011 to CHF 1.1 million in average per month in 2012.



    Financial summary (IFRS, consolidated)
    (in CHF million)                               Results 2012         Results 2011
    Revenue                                               1.1                  1.6
    Net operating costs                                 (14.6)               (21.3)
    Operating loss                                      (13.5)               (19.7)
    Net loss                                             (9.2)               (18.8)
    Net loss per share (in CHF)                         (0.57)               (3.56)

    (in CHF million)                          December 31, 2012    December 31, 2011
    Cash, cash equivalents, financial assets             28.7                 28.8
     & trade and other receivables
    Full-time equivalents (number)                         21                   36


The full financial statements can be found on http://www.cytos.com.

Full year statutory financial figures 2012:

Financial summary (statutory)

   
    (in CHF million)         Results 2012    Results 2011
    Revenue                         1.1             1.6
    Total operating expenses      (20.6)          (51.3)
    Operating loss                (19.5)          (49.8)
    Other income                    6.5             6.2
    Net loss                      (15.7)          (41.3)
    (in CHF million)    December 31, 2012    December 31, 2011
    Total assets                   54.6            46.7
    Total liabilities              37.3            42.1
    Shareholder's equity           17.3             4.6


The full financial statements can be found on http://www.cytos.com.

About Cytos Biotechnology Ltd

Cytos is a public biopharmaceutical company focused on the development of targeted immuno-therapies. The Company's lead product candidate CYT003 is a first-in-class biologic in Phase 2 clinical development as a potential new treatment for allergic asthma.

CYT003 acts via a novel, allergen-independent mechanism of action to selectively suppress the body's immune response to allergens, a predominant risk factor for asthma. In a successfully completed Phase 2a study, CYT003 was shown to maintain asthma control and lung function and asthma control in patients with persistent allergic asthma, even as standard inhaled corticosteroid treatment was withdrawn. CYT003 has been shown to be safe in over 450 patients to date.

Cytos was founded in 1995 as a spinoff from the Swiss Federal Institute of Technology (ETH) in Zurich. It is located in Schlieren (Zurich), Switzerland. The Company is listed according to the Main Standard on the SIX Swiss Exchange Ltd under the symbol CYTN.

http://www.cytos.com 

This foregoing press release may contain forward-looking statements that include words or phrases such as "are intended for", "are designed to", or other similar expressions. These forward-looking statements are subject to a variety of significant uncertainties, including scientific, business, economic and financial factors, and therefore actual results may differ significantly from those presented. There can be no assurance that any further therapeutic entities will enter clinical trials, that clinical trial results will be predictive for future results, that therapeutic entities will be the subject of filings for regulatory approval, that any drug candidates will receive marketing approval from the U.S. Food and Drug Administration or equivalent regulatory authorities, or that drugs will be marketed successfully. Against the background of these uncertainties readers should not rely on forward-looking statements. The Company assumes no responsibility to update forward-looking statements or adapt them to future events or developments.

SOURCE Cytos Biotechnology Ltd



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