Cytos Biotechnology Ltd Reports Third Quarter 2012 Financial Results, Recent Development and Outlook -- Cytos Biotechnology Ltd appointed Dr. Christian Itin as Chief Executive Officer in October. Dr. Itin is also proposed for election to the Board of Directors and to chair the Board of Directors upon election in November.
ZURICH, Nov. 6, 2012 /PRNewswire/ -- Cytos Biotechnology Ltd ("Cytos" or the "Company") announced today financial results and business highlights for the quarter ended September 30, 2012.
Cytos completed its restructuring during the third quarter 2012 with the appointment of Dr. Christian Itin as Chief Executive Officer in October, taking office on November 5, 2012. Dr. Itin is also proposed to be elected to the Board of Directors and to chair the Board of Directors upon election at an Extraordinary Shareholders' Meeting to take place on November 20, 2012. Dr. Thomas Hecht and Mr. Jakob Schlapbach will step down from the Cytos Board at this meeting.
During the period, the Company also made good progress in preparing the Phase 2b clinical trial with its lead product candidate, CYT003, in allergic asthma which is expected to start in the fourth quarter. This important trial is aiming to recruit approximately 360 adult patients suffering from moderate to severe allergic asthma not sufficiently controlled on current standard therapy. The study is expected to be conducted at more than 90 centres in North America and Europe, and to read out top-line data in 2014.
Dr. Itin (age 48 yrs.) is the former President and Chief Executive Officer of Micromet Inc., a previously Nasdaq-listed biopharmaceutical company, with headquarters in the USA and a R&D center in Germany. Dr. Itin led Micromet as CEO from 2004 until its acquisition by Amgen for $1.2 billion in cash in March 2012. In total he spent 13 years in senior management roles at Micromet. Prior to joining Micromet in 1999, Dr. Itin co-founded Zyomyx, Inc., a protein chip company based in Hayward, CA, USA.
Dr. Itin was awarded a degree in biology and a Ph.D. in cell biology from the University of Basel. In addition, he has undertaken post-doctoral research at the Biocenter of Basel University and at the Stanford University School of Medicine.
The detailed Q3 Financial Report can be downloaded at http://www.cytos.com/userfiles/file/Cytos_Q3_2012_E.pdf
For further information please contact:
About Cytos Biotechnology Ltd
Cytos Biotechnology Ltd is a Swiss public biotechnology company focused on the development of its lead product candidate CYT003 in allergic asthma. CYT003 has successfully completed a phase 2a trial in patients with persistent allergic asthma receiving standard inhaled corticosteroid (ICS) treatment, where it was shown to maintain lung function and asthma control as ICS treatment was withdrawn. CYT003 acts via a novel mechanism of action: it targets the Toll-like receptor 9 (TLR-9) pathway, which inhibits the immune response that leads to the allergic asthma response. Cytos plans to initiate Phase 2b studies with CYT003 in allergic asthma patients in 2012.
Cytos was founded in 1995 as a spinoff from the Swiss Federal Institute of Technology (ETH) in Zurich. It is located in Schlieren (Zurich). The Company 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.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER, OR THE SOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES TO ANY PERSON IN AUSTRALIA, CANADA, JAPAN, OR THE UNITED STATES OR IN ANY OTHER JURISDICTION, NOR DOES IT CONSTITUTE A PROSPECTUS WITHIN THE MEANING OF ARTICLE 652A OR 1156 OF THE SWISS CODE OF OBLIGATIONS OR A LISTING PROSPECTUS PURSUANT TO THE LISTING RULES OF THE SIX SWISS EXCHANGE LTD. ANY DECISION TO PURCHASE ANY SECURITIES REFERRED TO HEREIN SHOULD BE SOLELY BASED ON THE RELEVANT PROSPECTUS. IN ADDITION, THE OFFER AND SALE OF THE SECURITIES REFERRED TO HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR UNDER THE APPLICABLE SECURITIES LAWS OF AUSTRALIA, CANADA OR JAPAN. THE SECURITIES REFERRED TO HEREIN MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT OR AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES REFERRED TO HEREIN MAY NOT BE OFFERED OR SOLD IN AUSTRALIA, CANADA OR JAPAN OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY NATIONAL, RESIDENT OR CITIZEN OF AUSTRALIA, CANADA OR JAPAN. THERE WILL BE NO PUBLIC OFFER OF THE SECURITIES IN THE UNITED STATES.
IN THE UNITED KINGDOM, THIS PRESS RELEASE IS DIRECTED ONLY AT (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER"), AND (II) HIGH NET WORTH ENTITIES FALLING WITHIN ARTICLE 49(2) OF THE ORDER, AND (III) PERSONS TO WHOM IT WOULD OTHERWISE BE LAWFUL TO DISTRIBUTE IT.
IN ADDITION, IF AND TO THE EXTENT THAT THIS PRESS RELEASE IS COMMUNICATED IN, OR THE OFFER OF SECURITIES TO WHICH IT RELATES IS MADE IN, ANY EEA MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY MEMBER STATE, THE "PROSPECTUS DIRECTIVE"), THIS PRESS RELEASE AND THE OFFERING OF ANY SECURITIES DESCRIBED HEREIN ARE ONLY ADDRESSED TO AND DIRECTED AT PERSONS IN THAT MEMBER STATE WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF THE PROSPECTUS DIRECTIVE (OR WHO ARE OTHER PERSONS TO WHOM THE OFFER MAY LAWFULLY BE ADDRESSED) AND MUST NOT BE ACTED ON OR RELIED ON BY OTHER PERSONS IN THAT MEMBER STATE.
SOURCE Cytos Biotechnology Ltd