DGAP-News: Cytos Biotechnology Ltd: Second Quarter Report 2013 Highlights
EQS Group-News: Cytos Biotechnology AG / Key word(s): Half Year
Results
Cytos Biotechnology Ltd: Second Quarter Report 2013 / Highlights
06.08.2013 / 07:00
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Cytos Biotechnology Ltd Reports Second Quarter 2013 Financial Results and
Recent Developments
Global Phase 2b clinical trial with CYT003 progressing as planned
Development team for CYT003 strengthened
A*Star and Cytos bring Singapore's first influenza vaccine to clinical
testing
All agenda items approved at the Annual Shareholders' Meeting
Schlieren (Zurich), Switzerland, August 6, 2013 - Cytos Biotechnology Ltd.
('Cytos' or the 'Company') announced today its financial results and
business highlights for the quarter ended June 30, 2013.
Highlights
The Phase 2b clinical trial with Cytos' lead product candidate CYT003 in
allergic asthma is progressing as planned. The clinical trial is enrolling
patients at more than ninety centers, in eight countries, in the United
States and Europe. Approximately 360 adult patients with moderate to severe
allergic asthma, not sufficiently controlled on current standard inhaled
corticosteroid (ICS +/- LABA) therapy, will be treated in this study.
Enrolment is expected to be completed by year-end 2013. Top-line data are
planned for Q2 2014. Upon completion of enrolment, Cytos can call the
second tranche of the convertible loan notes and will be receiving a
payment of CHF 6.625 million.
The development team for CYT003 has been further strengthened with the hire
of Dr. Dorothee Krumwieh, who joined Cytos in May 2013 as Vice President
and Program Leader for CYT003. Prior to joining Cytos, Dr. Krumwieh was in
charge of the neurological development programs at Merck Serono.
Previously, Dr. Krumwieh held various positions in research and regulatory
affairs and lead cross functional development programs in oncology and
dermatology at Merck Serono, Serono and Behringwerke AG. Dorothee Krumwieh
received a PhD in immunology from the University of Freiburg im Breisgau,
Germany.
On May 17, 2013, Cytos announced that A*STAR and Cytos brought Singapore's
first influenza vaccine to clinical testing. The first healthy subject was
dosed in a Phase 1 clinical trial with the H1N1 influenza vaccine candidate
based on Cytos' proprietary bacteriophage Qbeta virus-like particle (VLP)
technology.
At the Annual Shareholders' Meeting, held on June 28, 2013, all agenda
items were approved by the shareholders including the extension of the
authorized capital until June 27, 2015, as well as the re-election of Dr.
Christian Itin and Kurt von Emster as members of the Board of Directors.
Financial Results
Three-month period from April 1 to June 30, 2013
On June 30, 2013, funds available for financing the operations (including
cash, cash equivalents and trade and other receivables) amounted to CHF
18.1 million. The funds were CHF 5.5 million less than on March 31, 2013,
primarily due to expenses incurred in on-going operating activities.
On June 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 second quarter of 2013.
The nominal value of the secured convertible loan notes (first tranche) is
CHF 6.625 million. Upon completion of enrolment in the ongoing Phase 2b
clinical trial with CYT003 in allergic asthma, the Company can call the
second tranche of CHF 6.625 million, which is expected to happen towards
the end of this year.
Revenue comprising deferred income from license fees paid by Novartis of
CHF 0.25 million has been recognized in the second quarter 2013, unchanged
from the second quarter 2012.
Financial summary (IFRS, consolidated)
(in CHF million) Q2 2013 Q2 2012
Revenue 0.3 0.4
Net operating cost (6.5) (2.2)
Operating loss (6.3) (1.8)
Net loss (8.1) (2.6)
Net loss per share (in CHF) (0.36) (0.27)
(in CHF million) 30.6.2013 31.3.2013
Cash, cash equivalents & trade and other receivables 18.1 23.6
Full-time equivalents 24.5 22.5
The detailed Q2 Financial Report 2013 can be downloaded at:
http://www.cytos.com/uploads/2013/Cytos_Q_2_2013_EN.pdf
For further information, please contact:
Cytos Biotechnology Ltd
Harry Welten
Chief Financial Officer
Tel: +41 44 733 46 46
e-mail: harry.welten@cytos.com
and
US Investor enquiries
Susan A. Noonan
Tel: +1 (212) 966 3650
e-mail: 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
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.
End of Corporate News
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=UNJTODWKCS
Document title: Cytos Q2 English
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06.08.2013 This Corporate News was distributed by EQS Schweiz AG.
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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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