Cytos Biotechnology Ltd Reports Second Quarter 2012 Financial Results, Recent Development and Outlook
SCHLIEREN, Switzerland, July 30, 2012 /PRNewswire/ --
- Cytos Biotechnology Ltd substantially increases its cash by raising CHF 33.58 million through equity and debt
- Board of Directors further strengthened by the nomination of Dr. Christian Itin, former President and CEO of Micromet Inc., as a Non-Executive Director
- Large global Phase IIb program with CYT003 in allergic asthma planned to start in 2H12
Cytos Biotechnology Ltd ("Cytos" or the "Company") announced today financial results and business highlights for the quarter ended June 30, 2012.
During the first half of 2012 the Company raised CHF 33.58 million through equity and debt whereas CHF 23.75 million was provided as equity and CHF 6.625 million was provided in the form of convertible loan notes - both from an international syndicate of investors which include venBio, Abingworth, Aisling Capital and Amgen. Furthermore, CHF 3.20 million in the form of equity was raised through a rights offering to existing shareholders. Cytos intends to use the proceeds primarily to conduct a large global phase IIb study in allergic asthma with CYT003.
In conjunction with the capital raise, Joseph Anderson (Abingworth), John Berriman (Deputy Chairman of Algeta), Paul Brooke (venBio), Kurt von Emster (venBio) and Arthur Krieg (CEO of RaNA Therapeutics), who were nominated and elected to the board of directors on April 20, 2012, started their term of office on May 14, 2012. The new directors bring significant additional life science experience to the Company.
In May 2012, the Company announced the nomination of Dr. Christian Itin to its Board as a Non-executive Director. The Board of Directors will propose to the Company's shareholders the election of Dr. Itin as member of the Board at the next general meeting. Dr. Itin is the former President and Chief Executive Officer of Micromet Inc., a formerly Nasdaq listed biopharmaceutical company which was acquired in March 2012 by Amgen, Inc. for USD 1.16 billion in cash. He spent 13 years with Micromet in a number of senior management roles, becoming CEO in 2004.
The detailed Q2 Financial Report can be downloaded at http://www.cytos.com/userfiles/file/Cytos_Q2_2012_E.pdf
About Cytos Biotechnology Ltd
Cytos Biotechnology Ltd is a Swiss public biotechnology company that specializes in the development and commercialization of a new class of biopharmaceutical products - the Immunodrugs™. Immunodrugs™ are intended for use in the treatment and prevention of common chronic diseases, which afflict millions of people worldwide. Immunodrugs™ are designed to instruct the patient's immune system to produce the desired therapeutic antibody or T cell responses that modulate chronic disease processes. Cytos' Immunodrug™ candidates are being developed both in-house and together with Novartis, Pfizer and Pfizer Animal Health. Founded in 1995 as a spinoff from the Swiss Federal Institute of Technology (ETH) in Zurich, the Company is located in Schlieren (Zurich). Cytos Biotechnology Ltd is listed according to the Main Standard on the SIX Swiss Exchange Ltd under the symbol CYTN.
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.
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SOURCE Cytos Biotechnology Ltd