DGAP-News: Cytos Biotechnology Ltd Completes the CHF 23.75 Million equity portion of its planned CHF 37 Million Financing
(firmenpresse) - EquityStory AG-News: Cytos Biotechnology AG / Key word(s): Capital
Increase
Cytos Biotechnology Ltd Completes the CHF 23.75 Million equity portion
of its planned CHF 37 Million Financing
15.05.2012 / 07:00
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OR FROM THE UNITED STATES OF AMERICA (THE 'UNITED STATES' OR 'U.S.'),
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- New financing will allow further development of CYT003, a novel
treatment for asthma
- Large global Phase IIb program with CYT003 in asthma planned to start
in 2H12
- New Directors with significant life science experience join the Cytos
Board
Schlieren (Zurich), Switzerland, May 15, 2012 - Cytos Biotechnology Ltd
('Cytos'), a Swiss biotech company developing a novel class of
biopharmaceutical products called Immunodrugs(TM), announced today the
completion of a CHF 23.75 million equity investment. This equity financing
is part of the planned CHF 37 million debt and equity financing to be
provided by an international syndicate of investors as announced on March
21, 2012 and as approved by the shareholders of Cytos on April 20, 2012.
The syndicate of investors includes venBio, Abingworth, Aisling Capital and
Amgen. Cytos intends to use the proceeds primarily to conduct a phase IIb
study in allergic asthma with CYT003.
'The completion of this significant equity financing will allow Cytos to
evaluate CYT003, a novel treatment for asthma, in a large Phase IIb
clinical trial program. CYT003 has already shown promising efficacy and
disease-modifying potential in studies involving over 400 patients with
allergic asthma and rhinoconjunctivitis. With a new Board, whose members
have a solid track record of success in the life science industry, a
management team with a deep understanding of Immunodrugs and a strong cash
position, Cytos is well placed to realize what we believe is the
significant potential of CYT003 and our unique technology platform'
commented Thomas Hecht, Chairman of Cytos.
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 yesterday upon registration of the capital increase in the
commercial register.
Cytos further announced that the first tranche of the debt financing will
be completed today. This will be via Cytos issuing secured loan notes
convertible into shares of Cytos for a total amount of CHF 6.625 million to
the investors. This first tranche is part of the overall debt financing to
be provided by the investors which could amount to up to CHF 13.25 million.
Together with the proceeds of CHF 3.2 million from new shares subscribed by
existing shareholders in the rights offering, Cytos has raised a total of
CHF 26.95 million in new equity resulting in an overall equity and debt
financing of CHF 33.575 million. This could increase to CHF 40.20 million
upon payment of the second tranche of secured convertible loan notes for
the amount of CHF 6.625 million, which is conditional uponCytos achieving
certain milestones in connection with a proposed Phase IIb study of CYT003.
The share capital increase in the total amount of CHF 1,665,137.50
(reflecting the issuance of a total of 16,651,375 new shares comprising the
new shares issued under the rights offering, the new shares issued to the
investors and the new shares acquired by Cytos itself) as well as the
increased authorized and conditional share capital in the amount of CHF
1,120,571.50 each, have been registered in the commercial register
yesterday. The Company's registered share capital currently amounts to CHF
2,241,143.10, consisting of 22,411,431 registered shares with a nominal
value of CHF 0.10 each. Trading in the 16,651,375 new registered shares on
the SIX Swiss Exchange will commence today.
For a detailed description of the capital increase as well as the
recapitalization of Cytos please refer to the offering and listing
prospectus and the supplement, which can be obtained free of charge from
Neue Helvetische Bank AG (phone: +41 44 204 56 19, email:
prospectus(at)nhbag.ch) or Cytos Biotechnology Ltd (phone: +41 44 733 47 47,
email: info(at)cytos.com).
For further information please contact:
Cytos Biotechnology Ltd
Harry Welten
Chief Financial Officer
Tel.: +41 44 733 46 46
e-Mail: harry.welten(at)cytos.com
Website: www.cytos.com
About Cytos Biotechnology Ltd
Cytos Biotechnology Ltd is a Swiss public biotechnology company that
specializes in the development and commercialization of a new class of
biopharmaceutical products - the Immunodrugs(TM). Immunodrugs(TM) are
intended for use in the treatment and prevention of common chronic
diseases, which afflict millions of people worldwide. Immunodrugs(TM) are
designed to instruct the patient's immune system to produce the desired
therapeutic antibody or T cell responses that modulate chronic disease
processes. Cytos' Immunodrug(TM) candidates are being developed both
in-house and together with Novartis, Pfizer and Pfizer Animal Health.
Founded in 1995 as a spinoff from the Swiss Federal Institute of Technology
(ETH) in Zurich, the Company is located in Schlieren (Zurich). Cytos
Biotechnology Ltd 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.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER, OR THE SOLICITATION OF AN
OFFER TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES TO ANY PERSON IN
AUSTRALIA, CANADA, JAPAN, OR THE UNITED STATES OR IN ANY OTHER
JURISDICTION, NOR DOES IT CONSTITUTE A PROSPECTUS WITHIN THE MEANING OF
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PROSPECTUS PURSUANT TO THE LISTING RULES OF THE SIX SWISS EXCHANGE LTD. ANY
DECISION TO PURCHASE ANY SECURITIES REFERRED TO HEREIN SHOULD BE SOLELY
BASED ON THE RELEVANT PROSPECTUS. IN ADDITION, THE OFFER AND SALE OF THE
SECURITIES REFERRED TO HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE 'SECURITIES ACT') OR UNDER
THE APPLICABLE SECURITIES LAWS OF AUSTRALIA, CANADA OR JAPAN. THE
SECURITIES REFERRED TO HEREIN MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN
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APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
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AUSTRALIA, CANADA OR JAPAN OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY
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IN THE UNITED KINGDOM, THIS PRESS RELEASE IS DIRECTED ONLY AT (I) PERSONS
WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING
WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000
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ENTITIES FALLING WITHIN ARTICLE 49(2) OF THE ORDER, AND (III) PERSONS TO
WHOM IT WOULD OTHERWISE BE LAWFUL TO DISTRIBUTE IT.
IN ADDITION, IF AND TO THE EXTENT THAT THIS PRESS RELEASE IS COMMUNICATED
IN, OR THE OFFER OF SECURITIES TO WHICH IT RELATES IS MADE IN, ANY EEA
MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC (TOGETHER WITH ANY
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End of Corporate News
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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(at)cytos.com
Internet: www.cytos.com
ISIN: CH0011025217, CH0029060735
Swiss Security Number: -
Listed: Freiverkehr in Berlin, München, Stuttgart;
Open Market in Frankfurt; SIX
End of News EquityStory AG News-Service
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