Cytos Biotechnology Ltd Reports First Quarter 2013 Financial Results and Recent Development
ZURICH, April 25, 2013 /PRNewswire/ --
- Phase 2b clinical trial of CYT003 in allergic asthma on-going as planned
- Cytos' VLP platform is basis for a phase 1 clinical trial with an Anti-lgE Vaccine partnered with and conducted by Pfizer
- Management team further strengthened
- The Journal of Allergy and Clinical Immunology publishes phase 2a study results with Cytos Biotechnology's CYT003 for the treatment of allergic asthma
Cytos Biotechnology Ltd. ("Cytos" or the "Company") announced today financial results and business highlights for the quarter ended March 31, 2013.
Highlights
The Phase 2b clinical trial with its lead product candidate, CYT003, for the treatment of allergic asthma is on-going as planned. The study is expected to read out top-line data in 1H 2014.
Cytos' VLP vaccine platform is basis for a Phase 1 clinical trial with an anti-IgE vaccine conducted by Pfizer. Pfizer acquired worldwide exclusive rights to develop, manufacture and commercialize this vaccine candidate in 2009.
Cytos' management team is further strengthened by the appointment of Matthias Alder as Executive Vice President for Corporate Development and Legal Affairs and Cheryl Lassen as Vice President for Clinical Development.
The data from the Phase 2a clinical trial with CYT003 were published in the March issue of The Journal of Allergy and Clinical Immunology (JACI) in the article entitled "The novel TLR-9 agonist QbG10 shows clinical efficacy in persistent allergic asthma" by Kai-Michael Beeh, MD, et al. The article was selected for comment by the JACI Editors ("The Editors' Choice") under the heading "Get the balance right - therapeutic immune modulation in patients with allergic asthma".
Financial Results
Three-month period from January 1 to March 31, 2013
On March 31, 2013, funds available for financing the operations (including cash, cash equivalents, financial assets and trade and other receivables) amounted to CHF 23.58 million. The funds were CHF 5.07 million less than on December 31, 2012 (CHF 28.65 million) primarily due to expenses incurred in ongoing operating activities.
On March 31, 2013, the nominal value of convertible bonds not held by the Company amounted to CHF 13.17 million. Cytos did not buy back any convertible bonds on the market during the first quarter of 2013.
Revenue comprising deferred income from licence fees paid by Novartis of CHF 0.25 million has been recognized in the first quarter 2013, unchanged from the first quarter 2012.
The gross cash burn for operating activities, as calculated on the cash flow statement, was CHF 1.72 million on average per month in the first three months of 2013, compared to CHF 1.04 million on average per month in the first quarter of 2012.
Financial summary (IFRS, consolidated)
(in CHF million) Q1 2013 Q1 2012
Revenue 0,3 0,3
Net operating cost (4,0) (3,0)
Operating loss (3,7) (2,8)
Net (loss) / income (5,4) 2,5
Net (loss) / income per share (in CHF) (0,24) 0,47
December 31,
(in CHF million) March 31, 2013 2012
Cash, cash equivalents, financial assets
as well as trade and other receivables 23,6 28,7
Full-time equivalents 22,5 20,9
The detailed Q1 Financial Report 2013 can be downloaded at
http://www.cytos.com/uploads/2013/Cytos_Quarter_1_2013_E.pdf
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.
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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