DGAP-Adhoc: Cytos Biotechnology Ltd announces full year 2013 financial results
Cytos Biotechnology AG / Key word(s): Final Results
13.02.2014 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR
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Cytos Biotechnology Announces Full Year 2013 Financial Results
Schlieren (Zurich), Switzerland, February 13, 2014 - Cytos Biotechnology
Ltd (SIX:CYTN) today presented its full year 2013 financial results.
Full year consolidated financial figures 2013:
Balance sheet
Funds available for financing the Company's operations amount to CHF 40.00
million as per December 31, 2013, and include cash and cash equivalents,
financial assets and trade and other receivables. This is CHF 11.35 million
higher than on December 31, 2012 (CHF 28.65 million). This net change is
composed of a cash increase of CHF 31.23 million due to funds raised in the
form of equity (CHF 24.60 million) and debt (CHF 6.63 million) as well as a
payment of CHF 1.00 million from a collaboration partner and other payments
of CHF 0.20 million. Cash decreased by CHF 1.10 million due to share
capital issuance costs as well as funds (CHF 19.98 million) mainly spent on
ongoing operating activities - in particular, the global clinical Phase 2b
trial with CYT003 in allergic asthma.
As of December 31, 2013, convertible bonds with a nominal value of CHF
13.17 million are issued and outstanding, i.e. not held by the Company.
These convertible bonds are due for repayment at 150% of par in February
2015 unless they are converted into equity. In 2013 the conversion price
was reduced from CHF 7.71 to CHF 7.32 per share due to the anti-dilution
clause. The current conversion price is subject to further reduction on
certain conditions. Furthermore, convertible loan notes with a nominal
value of CHF 13.25 million are issued and outstanding per December 2013.
They become due for repayment in February 2015 unless they are converted
into equity. In 2013 the conversion price was reduced from CHF 2.244 to CHF
2.13 per share due to the anti-dilution clause. The current conversion
price is subject to further reduction on certain conditions.
Revenues
Revenues decreased from CHF 1.10 million in 2012 to CHF 1.00 million in
2013. In 2012 the revenue stemmed from license fees from Novartis of CHF
1.00 million and revenue from a technology transfer of CHF 0.10 million. In
2013 the revenue derived solely from license fees from Novartis.
Cash burn
The gross cash burn for operating activities, as calculated on the cashflow
statement, increased from CHF 1.10 million in 2012 to CHF 1.68 million in
2013 on average per month.
Financial summary (IFRS, consolidated)
(in CHF million) Results 2013 Results 2012
Revenue 1.0 1.1
Net operating cost (24.3) (14.6)
Operating loss (23.3) (13.5)
Net loss (30.8) (9.3)
Net loss per share (in CHF) (1.32) (0.57)
(in CHF million) 31.Dezember 31. Dezember
2013 2012
Cash, cash equivalents, financial assets & 40.0 28.7
trade and
other receivables
Full-time equivalents (number) 28.7 21
Full year statutory financial figures 2013:
Financial summary (statutory)
(in CHF million) Results 2013 Results 2012
Revenue 1.0 1.1
Total operating expenses (42.7) (20.6)
Operating loss (41.7) (19.5)
Other income 2.0 6.5
Net loss (44.5) (15.7)
(in CHF million) December 31, 2013 December 31, 2012
Total assets 47.6 54.6
Total liabilities 50.4 37.3
Shareholder's equity (2.8) 17.3
The full financial statements can be found on
www.cytos.com/reports-and-presentations.
Conference call on Thursday, February 13, 2014, 3 pm - 4 pm CET
Participants are kindly asked to call the following numbers 10 - 15 minutes
before Conference schedule.
Participant Dial-in numbers for conference call:
+41 (0)58 310 50 00 (Europe)
+44 (0)203 059 58 62 (UK)
+1 (1)631 570 5613 (USA)
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
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
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.
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=QRJEACKUQM
Document title: Cytos_Press_E_140213
13.02.2014 News transmitted by EQS Schweiz AG.
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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 Announcement EQS Group News-Service
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