DGAP-News: Cytos Biotechnology Ltd: Third Quarter Report 2013
EQS Group-News: Cytos Biotechnology AG / Key word(s): Quarter Results
Cytos Biotechnology Ltd: Third Quarter Report 2013
31.10.2013 / 07:00
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Cytos Biotechnology Ltd Reports Third Quarter 2013 Financial Results and
Recent Developments
Completion of patient enrolment in the ongoing Phase 2b clinical trial with
CYT003
Investor syndicate will pay Cytos CHF 6.625 million for achievement of this
milestone
Share capital increase in form of a rights offering to be approved at an
extraordinary shareholders' meeting on November 4, 2013
CHF 9 million of the proposed capital increase is already firmly committed
by the investor syndicate that invested in May 2012
Schlieren (Zurich), Switzerland, October 31, 2013 - Cytos Biotechnology
Ltd. (SIX:CYTN) ('Cytos' or the 'Company') announced today its financial
results and business highlights for the quarter ended September 30, 2013.
Highlights
Cytos completed patient enrolment in the ongoing Phase 2b study with Cytos'
lead product CYT003 in patients with moderate to severe allergic asthma,
not sufficiently controlled on current standard therapy. With completion of
enrolment, Cytos called the second tranche of the convertible loan notes in
the amount of CHF 6.625 million from Abingworth, venBio, Amgen and Aisling.
The convertible loan notes agreement was part of the investment made by
these investors in May 2012.
On November 4, 2013 an extraordinary shareholders' meeting will be held to
approve a share capital increase in the form of a rights offering which
could result in cash proceeds of up to CHF 17.6 million. CHF 9 million of
the proposed capital increase is already firmly committed by Abingworth,
venBio, Amgen and Aisling. These shareholders hold collectively more than
50% of the outstanding share capital and have committed to vote in favor of
the ordinary capital increase as well as the increase in conditional and
authorized capital as proposed by the Board of Directors.
The additional cash proceeds will ensure that Cytos remains well
capitalized to further advance the development of its lead program CYT003.
On October 23, 2013 the company conducted an R&D update for investors and
analysts focused on its lead program CYT003. The presentations can be
accessed as a webcast on the company's home page.
On September 9, 2013, Cytos announced additional results of the Phase 2a
clinical trial with its lead product CYT003 which is developed as a
potential new treatment for allergic asthma. A post-hoc analysis of data
published in the March issue of The Journal of Allergy and Clinical
Immunology was presented at the European Respiratory Society Annual
Congress in Barcelona.
Financial Results
Three-month period from July 1 to September 30, 2013
On September 30, 2013, funds available for financing the operations
(including cash, cash equivalents & trade and other receivables) amounted
to CHF 15.03 million. The funds were CHF 3.03 million less than on June 30,
2013, primarily due to expenses incurred in ongoing operating activities.
In the third quarter 2013 the trade receivables have increased by CHF 0.90
million, mainly due to invoiced license fees of CHF 1.08 million to
Novartis. This invoice was paid on October 8, 2013. On September 30, 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 third quarter of 2013. The nominal value of the secured
convertible loan notes (first tranche) is CHF 6.625 million. Patient
enrolment has been completed in the on-going phase 2b study with Cytos'
lead product CYT003 in patients suffering from moderate to severe allergic
asthma which is not controlled by the standard treatment. Based on this
completion of enrolment, Cytos has called the second tranche of the
convertible loan notes in the amount of CHF 6.625 million from Abingworth,
venBio, Amgen and Aisling, which was part of the investment by these
investors in May 2012.
Revenue comprising deferred income from license fees paid by Novartis of
CHF 0.25 million has been recognized in the third quarter 2013, unchanged
from the third quarter 2012.
Financial summary (IFRS, consolidated)
(in CHF million) Q3 2013 Q3 2012
Revenue 0.3 0.3
Net operating cost (6.0) (4.2)
Operating loss (5.8) (3.9)
Net loss (7.6) (5.2)
Net loss per share (in CHF) (0.34) (0.37)
(in CHF million) 30.9.2013 30.6.2013
Cash, cash equivalents & trade and other receivables 15.0 18.1
Full-time equivalents 25.3 24.5
The detailed Q3 Financial Report 2013 can be downloaded at:
http://www.cytos.com/uploads/2013/Cytos_Q_3_2013_EN.pdf
Conference Call to be held on November 5, 2013, 9 a.m. EDT / 15:00 CET
Senior Executive Management will provide an update on recent developments.
The dial-in numbers are:
+41 (0) 58 310 50 00 (Europe)
+44 (0) 203 059 58 62 (UK)
+ 1 (1) 631 570 5613 (USA)
Please dial-in 10 minutes prior to the call in order to register for the
call. The presentation will be available 1 hour prior to the conference
call.
Click here to view the presentation.
http://services.choruscall.eu/links/cytos_presenter.html
The conference call will be available as a replay 48 hours after the call.
Please use the following dial-in:
+41 (0) 91 612 43 30 (Europe)
+44 (0) 207 108 6233 (UK)
+ 1 (1) 866 416 2558 (USA)
Access Code: 13395#
For further information, please contact:
Cytos Biotechnology Ltd
Harry Welten
Chief Financial Officer
Tel: +41 44 733 46 46
harry.welten@cytos.com
US investor Enquiries
Susan A. Noonan
Tel: +1 (212) 966 3650
susan@sanoonan.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
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.
www.cytos.com
Forward Looking Statements
This media release contains certain forward-looking statements that involve
risks and uncertainties that could cause actual results to be materially
different from historical results or from any future results expressed or
implied by such forward-looking statements. You are urged to consider
statements that include the words 'will' or 'expect' or the negative of
those words or other similar words to be uncertain and forward-looking.
Factors that may cause actual results to differ materially from any future
results expressed or implied by any forward-looking statements include
scientific, business, economic and financial factors, including that CYT003
may not demonstrate safety or efficacy in clinical trials, that there may
be delays in development or that CYT003 may not receive marketing approval,
and that the Company relies on outside financing to meet capital
requirements, which may not be available under acceptable terms or at all.
Against the background of these uncertainties, readers should not rely on
forward-looking statements. The Company assumes no responsibility for
updating forward-looking statements or adapting them to future events or
developments.
End of Corporate News
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=TGAGMLIGVJ
Document title: Cytos_Press_Q3_2013_E
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31.10.2013 This Corporate News was distributed by EQS Schweiz AG.
www.eqs.com - news archive: http://switzerland.eqs.com/de/News
The issuer is responsible for the contents of the release.
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Language: English
Company: Cytos Biotechnology AG
Wagistr. 25
8952 Schlieren
Switzerland
Phone: +41 44 733 4747
Fax: +41 44 733 4740
E-mail: info@cytos.com
Internet: www.cytos.com
ISIN: CH0011025217, CH0029060735
Valor: -
Listed: Freiverkehr in Berlin, München, Stuttgart; Frankfurt in
Open Market ; SIX
End of News EQS Group News-Service
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236973 31.10.2013
EQS Group-News: Cytos Biotechnology AG / Key word(s): Research Update Cytos Biotechnology Ltd announced the completion of patient enrolment of the on-going Phase 2b study of CYT003 21.10.2013 / 07:00 235324 21.10.2013 ...