Cytos Biotechnology Ltd Reports Second Quarter 2012 Financial Results, Recent Development and Outlook <\/p>\n
- Cytos Biotechnology Ltd substantially increases its cash by raising CHF 33.58 million through equity and debt <\/p>\n
- Board of Directors further strengthened by the nomination of Dr. Christian Itin, former President and CEO of Micromet Inc., as a Non-Executive Director <\/p>\n
- Large global Phase IIb program with CYT003 in allergic asthma planned to start in 2H12 <\/p>\n
Schlieren (Zurich), Switzerland, July 30, 2012 - Cytos Biotechnology Ltd (Cytos or the Company) announced today financial results and business highlights for the quarter ended June 30, 2012. <\/p>\n
Highlights During the first half of 2012 the Company raised CHF 33.58 million through equity and debt whereas CHF 23.75 million was provided as equity and CHF 6.625 million was provided in the form of convertible loan notes - both from an international syndicate of investors which include venBio, Abingworth, Aisling Capital and Amgen. Furthermore, CHF 3.20 million in the form of equity was raised through a rights offering to existing shareholders. Cytos intends to use the proceeds primarily to conduct a large global phase IIb study in allergic asthma with CYT003. <\/p>\n
In conjunction with the capital raise, Joseph Anderson (Abingworth), John Berriman (Deputy Chairman of Algeta), Paul Brooke (venBio), Kurt von Emster (venBio) and Arthur Krieg (CEO of RaNA Therapeutics), who were nominated and elected to the board of directors on April 20, 2012, started their term of office on May 14, 2012. The new directors bring significant additional life science experience to the Company. <\/p>\n
In May 2012, the Company announced the nomination of Dr. Christian Itin to its Board as a Non-executive Director. The Board of Directors will propose to the Companys shareholders the election of Dr. Itin as member of the Board at the next general meeting. Dr. Itin is the former President and Chief Executive Officer of Micromet Inc., a formerly Nasdaq listed biopharmaceutical company which was acquired in March 2012 by Amgen, Inc. for USD 1.16 billion in cash. He spent 13 years with Micromet in a number of senior management roles, becoming CEO in 2004. <\/p>\n
The detailed Q2 Financial Report can be downloaded at http:\/\/www.cytos.com\/userfiles\/file\/Cytos_Q2_2012_E.pdf<\/a> <\/p>\n 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<\/a> Website: http:\/\/www.cytos.com<\/a> <\/p>\n<\/p>\n See original here: Cytos Biotechnology Ltd Reports Second Quarter 2012 Financial Results, Recent Development and Outlook - Cytos Biotechnology Ltd substantially increases its cash by raising CHF 33.58 million through equity and debt - Board of Directors further strengthened by the nomination of Dr. Christian Itin, former President and CEO of Micromet Inc., as a Non-Executive Director - Large global Phase IIb program with CYT003 in allergic asthma planned to start in 2H12 Schlieren (Zurich), Switzerland, July 30, 2012 - Cytos Biotechnology Ltd (Cytos or the Company) announced today financial results and business highlights for the quarter ended June 30, 2012. Highlights During the first half of 2012 the Company raised CHF 33.58 million through equity and debt whereas CHF 23.75 million was provided as equity and CHF 6.625 million was provided in the form of convertible loan notes - both from an international syndicate of investors which include venBio, Abingworth, Aisling Capital and Amgen. Continue reading
\nDGAP-News: Cytos Biotechnology Ltd Reports Second Quarter 2012 Financial Results, Recent Development and Outlook<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"