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Cytos Biotechnology Ltd Reports Third Quarter 2013 Financial Results and Recent Developments
Date:10/30/2013

ZURICH, October 31, 2013 /PRNewswire/ --

  • Completion of patient enrolment in the ongoing Phase 2b clinical trial with CYT003
  • Investor syndicate will pay Cytos CHF 6.625 million for achievement of this milestone
  • Share capital increase in form of a rights offering to be approved at an extraordinary shareholders' meeting on November 4, 2013
  • CHF 9 million of the proposed capital increase is already firmly committed by the investor syndicate that invested in May 2012

Cytos Biotechnology Ltd. (SIX:CYTN) ("Cytos" or the "Company") announced today its financial results and business highlights for the quarter ended September 30, 2013.

Highlights

Cytos completed patient enrolment in the ongoing Phase 2b study with Cytos' lead product CYT003 in patients with moderate to severe allergic asthma, not sufficiently controlled on current standard therapy. With completion of enrolment, Cytos called the second tranche of the convertible loan notes in the amount of CHF 6.625 million from Abingworth, venBio, Amgen and Aisling. The convertible loan notes agreement was part of the investment made by these investors in May 2012.

On November 4, 2013 an extraordinary shareholders' meeting will be held to approve a share capital increase in the form of a rights offering which could result in cash proceeds of up to CHF 17.6 million. CHF 9 million of the proposed capital increase is already firmly committed by Abingworth, venBio, Amgen and Aisling. These shareholders hold collectively more than 50% of the outstanding share capital and have committed to vote in favor of the ordinary capital increase as well as the increase in conditional and authorized capital as proposed by the Board of Directors.'/>"/>

SOURCE Cytos Biotechnology Ltd
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