Cytos Biotechnology AG / Key word(s): Bond
31.03.2014 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR
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Cytos announces amendment of convertible loan notes agreement
All outstanding loan notes to be converted into shares upon achievement of
primary end point in ongoing Phase 2b study
Schlieren (Zurich), Switzerland, March 31, 2014 - Cytos Biotechnology Ltd
("Cytos") today announced that it has reached agreement with Abingworth,
venBio, Aisling and Amgen to convert all loan notes including accrued
interest into common registered shares upon achievement of the primary
endpoint of the currently on-going Phase 2b clinical trial in moderate to
severe asthma. The data are expected to be announced in April 2014. The
early conversion of the loan notes would be made at 150% of the principal
loan note amount plus accrued interest at the current conversion price of
CHF 2.13.
Convertible loan notes with a total nominal value of CHF 13.25 million are
held by Abingworth, venBio, Aisling and Amgen, Cytos' largest shareholders,
and were issued pursuant to the recapitalization transaction in 2012.
Under the original terms, the loan notes are either convertible at CHF 2.13
or repayable at 150% of the nominal value plus accrued interest on February
10, 2015. An extraordinary shareholders' meeting will be called should the
primary end point be reached in April in order to approve the amended terms
of the early conversion. As the majority of Cytos shares are owned by the
loan note holders, Cytos expects that such approval will be granted.
Dr. Christian Itin, Cytos' Chairman and Chief Executive Officer commented:
"We are pleased that we were able to reach agreement on an early conversion
of the loan notes with our major shareholders and would like to thank them
for their trust and confidence. An early conversion following the
achievement of the primary endpoint in the on-going Phase 2b study will
significantly reduce the debt of Cytos and facilitate the implementation of
our corporate strategy."
For further information, please contact:
Cytos Biotechnology Ltd
Harry Welten, MBA
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=RVVUAVOKCB
Document title: Cytos_Press_E_140331_convertible
31.03.2014 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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