Corporate | 25 April 2013 07:00
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Cytos Biotechnology AG / Key word(s): Quarter Results
Cytos Biotechnology Ltd Reports First Quarter 2013 Financial Results and Recent Development
Schlieren (Zurich), Switzerland, April 25, 2013 – Cytos Biotechnology Ltd. (‘Cytos’ or the ‘Company’) announced today financial results and business highlights for the quarter ended March 31, 2013. Highlights The Phase 2b clinical trial with its lead product candidate, CYT003, for the treatment of allergic asthma is on-going as planned. The study is expected to read out top-line data in 1H 2014. Cytos’ VLP vaccine platform is basis for a Phase 1 clinical trial with an anti-IgE vaccine conducted by Pfizer. Pfizer acquired worldwide exclusive rights to develop, manufacture and commercialize this vaccine candidate in 2009. Cytos’ management team is further strengthened by the appointment of Matthias Alder as Executive Vice President for Corporate Development and Legal Affairs and Cheryl Lassen as Vice President for Clinical Development. The data from the Phase 2a clinical trial with CYT003 were published in the March issue of The Journal of Allergy and Clinical Immunology (JACI) in the article entitled ‘The novel TLR-9 agonist QbG10 shows clinical efficacy in persistent allergic asthma’ by Kai-Michael Beeh, MD, et al. The article was selected for comment by the JACI Editors (‘The Editors’ Choice’) under the heading ‘Get the balance right – therapeutic immune modulation in patients with allergic asthma’. Financial Results Three-month period from January 1 to March 31, 2013 On March 31, 2013, funds available for financing the operations (including cash, cash equivalents, financial assets and trade and other receivables) amounted to CHF 23.58 million. The funds were CHF 5.07 million less than on December 31, 2012 (CHF 28.65 million) primarily due to expenses incurred in ongoing operating activities. On March 31, 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 first quarter of 2013. Revenue comprising deferred income from licence fees paid by Novartis of CHF 0.25 million has been recognized in the first quarter 2013, unchanged from the first quarter 2012. The gross cash burn for operating activities, as calculated on the cash flow statement, was CHF 1.72 million on average per month in the first three months of 2013, compared to CHF 1.04 million on average per month in the first quarter of 2012. Financial summary (IFRS, consolidated)
The detailed Q1 Financial Report 2013 can be downloaded at http://www.cytos.com/uploads/2013/Cytos_Quarter_1_2013_E.pdf For further information, please contact:
Cytos Biotechnology Ltd
US Investor enquiries
About Cytos Biotechnology Ltd
CYT003 acts via a novel, allergen-independent mechanism of action to selectively suppress the body’s immune response to allergens, a predominant risk factor for asthma. In a successfully completed Phase 2a study, CYT003 was shown to maintain asthma control and lung function and asthma control in patients with persistent allergic asthma, even as standard inhaled corticosteroid treatment was withdrawn. CYT003 has been shown to be safe in over 450 patients to date. 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 ‘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 25.04.2013 This press release was distributed by EQS CORPORATE COMMUNICATIONS. www.eqs.com – news archive: www.eqs.com/ch/presskit The issuer is responsible for the contents of the release. |
| 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 | |
| Swiss Security Number: | – | |
| Listed: | Freiverkehr in Berlin, München, Stuttgart; Frankfurt in Open Market ; SIX | |
| End of News | EquityStory AG News-Service |
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| 208444 25.04.2013 |