DGAP-News: Cytos Biotechnology Ltd appoints Dr. Christian Itin as Chief Executive Officer
(firmenpresse) - EquityStory AG-News: Cytos Biotechnology AG / Key word(s): Change of
Personnel
Cytos Biotechnology Ltd appoints Dr. Christian Itin as Chief Executive
Officer
09.10.2012 / 07:00
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Cytos Biotechnology Ltd appoints Dr. Christian Itin as Chief Executive
Officer
Dr. Itin, former CEO of Micromet, to be elected to Board of Directors and
proposed as its Chairman at Extraordinary Shareholders Meeting
Schlieren (Zurich), Switzerland, October 9, 2012 - Cytos Biotechnology Ltd
('Cytos' or 'the Company'), a Swiss biotech company focused on the
development of CYT003 in allergic asthma, announced today the appointment
of Dr. Christian Itin as Chief Executive Officer. As announced on 29 May
2012, the Board will propose to the Company's shareholders that Dr. Itin be
elected as member of the Board, and it is intended that he will succeed Dr.
Hecht as Chairman of the Board of Directors as of an extraordinary
shareholders meeting scheduled to take place in November 2012. Dr. Hecht
will step down from the Cytos Board at this meeting.
Dr. Itin (age 48 yrs.) is the former President and Chief Executive Officer
of Micromet Inc., a previously Nasdaq-listed biopharmaceutical company,
with headquarters in the USA and an R&D center in Germany. Dr. Itin led
Micromet as CEO from 2004 until Micromet's acquisition by Amgen for $1.2
billion in cash in March 2012. In total he spent 13 years in senior
management roles at Micromet. Prior to joining Micromet in 1999, Dr. Itin
co-founded Zyomyx, Inc., a protein chip company based in Hayward, CA, USA.
Dr. Itin received a diploma in biology and a Ph.D. in cell biology from the
University of Basel. In addition, he performed post-doctoral research at
the Biocenter of Basel University and at the Stanford University School of
Medicine.
Thomas Hecht, Chairman of Cytos, said: 'Christian is an experienced biotech
leader with significant expertise and a proven track record and his
appointment completes our restructuring of Cytos. We believe with his
experience and skills that he is well positioned to shape Cytos' future.'
Christian Itin commented: 'Cytos has undergone an important transformation
during the last six months. The company is well capitalized by a strong
group of new international investors and focused on executing a key
clinical Phase 2b study with CYT003, a first in class novel biologic for
the treatment of patients with allergic asthma. This is an exciting time to
join Cytos, and I'm thrilled to be a part of the team building it into a
premier biopharmaceutical company.'
Dr. Joseph Anderson, Chairman of the Board's Nomination and Governance
Committee and Partner at Abingworth, a major shareholder, added: 'On behalf
of the Board, I would like to thank Thomas for his leadership during a
period that led to the refinancing of Cytos. He leaves the Company in a
strong position, and we are pleased that Christian has joined as CEO, where
we anticipate his proven leadership will allow the Company to realize the
significant potential of CYT003.'
Further Board Change
Jakob Schlapbach, a Non-executive member of Cytos' Board of Directors and
the Company's former Executive Vice President and Chief Financial Officer
(2000-2010), will also resign from the Board of Directors at the
extraordinary shareholders meeting in November.
Thomas Hecht commented: 'Jakob has been involved with Cytos for more than
12 years whereby he played a central role in several financing rounds and
in the IPO. We are very appreciative of the many contributions he has made
during that period. We wish him well in his future endeavours.'
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 focused on
the development of its lead product candidate CYT003 in allergic asthma.
CYT003 has successfully completed a phase 2a trial in patients with
persistent allergic asthma receiving standard inhaled corticosteroid (ICS)
treatment, where it was shown to maintain lung function and asthma control
as ICS treatment was withdrawn. CYT003 acts via a novel mechanism of
action: it targets the Toll-like receptor 9 (TLR-9) pathway, which inhibits
the immune response that leads to the allergic asthma response. Cytos plans
to initiate Phase 2b studies with CYT003 in allergic asthma patients in
2012.
Cytos was founded in 1995 as a spinoff from the Swiss Federal Institute of
Technology (ETH) in Zurich. It is located in Schlieren (Zurich). 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.
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End of Corporate News
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09.10.2012 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.
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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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