The additional cash proceeds will ensure that Cytos remains well capitalized to further advance the development of its lead program CYT003.
On October 23, 2013 the company conducted an R&D update for investors and analysts focused on its lead program CYT003. The presentations can be accessed as a webcast on the company's home page.
On September 9, 2013, Cytos announced additional results of the Phase 2a clinical trial with its lead product CYT003 which is developed as a potential new treatment for allergic asthma. A post-hoc analysis of data published in the March issue of The Journal of Allergy and Clinical Immunology was presented at the European Respiratory Society Annual Congress in Barcelona.
Three-month period from July 1 to September 30, 2013
On September 30, 2013, funds available for financing the operations (including cash, cash equivalents & trade and other receivables) amounted to CHF 15.03 million. The funds were CHF 3.03 million less than on June 30, 2013, primarily due to expenses incurred in ongoing operating activities. In the third quarter 2013 the trade receivables have increased by CHF 0.90 million, mainly due to invoiced license fees of CHF 1.08 million to Novartis. This invoice was paid on October 8, 2013. On September 30, 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 third quarter of 2013. The nominal value of the secured convertible loan notes (first tranche) is CHF 6.625 million. Patient enrolment has been completed in the on-going phase 2b study with Cytos' lead product CYT003 in patients suffering from moderate to severe allergic asthma which is not controlled by the standard treatment. Based on this completion of enrolment, Cytos has called the second tranche of the convertible loan note
|SOURCE Cytos Biotechnology Ltd|
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