Cytos Biotechnology Ltd Reports Second Quarter 2013 Financial Results and
ZURICH, August 6, 2013
ZURICH, August 6, 2013 /PRNewswire/ --
oGlobal Phase 2b clinical trial with CYT003 progressing as planned
oDevelopment team for CYT003 strengthened
oA*Star and Cytos bring Singapore's first influenza vaccine to clinical
oAll agenda items approved at the Annual Shareholders' Meeting
Cytos Biotechnology Ltd. ("Cytos" or the "Company") announced today its
financial results and business highlights for the quarter ended June 30, 2013.
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)
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.
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 CHF5.5 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 CHF13.17 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
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:
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.
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.
SOURCE Cytos Biotechnology Ltd
Contact: Cytos Biotechnology Ltd: Harry Welten, Chief Financial Officer, Tel:
+41-44-733-46-46, e-mail: firstname.lastname@example.org ; US Investor enquiries:
Susan A. Noonan, Tel: +1(212)966-3650, e-mail: email@example.com
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