Cytos Biotechnology Ltd Announces the Completion of Patient Enrolment in the On-going Phase 2b Study of CYT003 for the Treatment of Allergic Asthma Investor syndicate will pay Cytos CHF 6.625 million for achievement of this milestone under a convertible loan notes agreement signed in 2012
ZURICH, October 21, 2013 /PRNewswire/ --
Cytos Biotechnology Ltd (SIX:CYTN) ("Cytos" or the "Company") today announced that patient enrolment has been completed in the on-going phase 2b study with its lead product CYT003. This study investigates the effectiveness, safety and tolerability of CYT003 in patients with moderate to severe allergic asthma not controlled on their standard treatment.
Based on the completion of the enrolment of this study, Cytos will call the second tranche of the convertible loan notes in the amount of CHF 6.625 million from Abingworth, venBio, Aisling and Amgen, which was part of the investment by this syndicate of investors in May 2012.
Dr. Christian Itin, Chairman and CEO of Cytos, said: "We are pleased with the progress of our Phase 2b study in patients with moderate to severe allergic asthma. The study is on track and we expect topline data from the study to be available in the second quarter of 2014."
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 novel, first-in-class, immune modulator in Phase 2 clinical development as a potential new treatment for asthma. CYT003 has a novel mechanism of action that inhibits the immune response that causes asthma, and may therefore be beneficial for the control of asthma. In a successfully completed Phase 2a study, CYT003 was shown to maintain asthma control and lung function in patients with persistent allergic asthma despite withdrawal of standard therapy with inhaled corticosteroids. CYT003 has been shown to have a good safety and tolerability profile in more than 450 individuals receiving the active agent so far.
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.
Forward looking statements This foregoing press release may contain forward-looking statements that include words or phrases such as "would", "can", "expect", "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