SYS-CON MEDIA Authors: Liz McMillan, Yeshim Deniz, Elizabeth White, Pat Romanski, Ian Khan

News Feed Item

Cytos Biotechnology Announces Full Year 2013 Financial Results

ZURICH, February 13, 2014 /PRNewswire/ --

Cytos Biotechnology Ltd (SIX:CYTN) today presented its full year 2013 financial results.

Full year consolidated financial figures 2013:

Balance sheet

Funds available for financing the Company's operations amount to CHF 40.00 million as per December 31, 2013, and include cash and cash equivalents, financial assets and trade and other receivables. This is CHF 11.35 million higher than on December 31, 2012 (CHF 28.65 million). This net change is composed of a cash increase of CHF 31.23 million due to funds raised in the form of equity (CHF 24.60 million) and debt (CHF 6.63 million) as well as a payment of CHF 1.00 million from a collaboration partner and other payments of CHF 0.20 million. Cash decreased by CHF 1.10 million due to share capital issuance costs as well as funds (CHF 19.98 million) mainly spent on ongoing operating activities  - in particular, the global clinical Phase 2b trial with CYT003 in allergic asthma.

As of December 31, 2013, convertible bonds with a nominal value of CHF 13.17 million are issued and outstanding, i.e. not held by the Company. These convertible bonds are due for repayment at 150% of par in February 2015 unless they are converted into equity. In 2013 the conversion price was reduced from CHF 7.71 to CHF 7.32 per share due to the anti-dilution clause. The current conversion price is subject to further reduction on certain conditions. Furthermore, convertible loan notes with a nominal value of CHF 13.25 million are issued and outstanding per December 2013. They become due for repayment in February 2015 unless they are converted into equity. In 2013 the conversion price was reduced from CHF 2.244 to CHF 2.13 per share due to the anti-dilution clause. The current conversion price is subject to further reduction on certain conditions.

Revenues

Revenues decreased from CHF 1.10 million in 2012 to CHF 1.00 million in 2013. In 2012 the revenue stemmed from license fees from Novartis of CHF 1.00 million and revenue from a technology transfer of CHF 0.10 million. In 2013 the revenue derived solely from license fees from Novartis.

Cash burn

The gross cash burn for operating activities, as calculated on the cashflow statement, increased from CHF 1.10 million in 2012 to CHF 1.68 million in 2013 on average per month.

Financial summary (IFRS, consolidated)

    (in CHF million)                             Results 2013     Results 2012
    Revenue                                               1.0              1.1
    Net operating cost                                 (24.3)           (14.6)
    Operating loss                                     (23.3)           (13.5)
    Net loss                                           (30.8)            (9.3)
    Net loss per share (in CHF)                        (1.32)           (0.57)

                                                 31.Dezember     31. Dezember
    (in CHF million)                                    2013             2012
    Cash, cash equivalents, financial assets
    & trade and other receivables                       40.0             28.7
    Full-time equivalents (number)                      28.7               21


Full year statutory financial figures 2013:

Financial summary (statutory)

    (in CHF million)                     Results 2013     Results 2012
    Revenue                                       1.0              1.1
    Total operating expenses                   (42.7)           (20.6)
    Operating loss                             (41.7)           (19.5)
    Other income                                  2.0              6.5
    Net loss                                   (44.5)           (15.7)

                                          December 31,    December 31,
    (in CHF million)                             2013             2012
    Total assets                                 47.6             54.6
    Total liabilities                            50.4             37.3
    Shareholder's equity                        (2.8)             17.3


The full financial statements can be found on http://www.cytos.com/reports-and-presentations.

Conference call on Thursday, February 13, 2014, 3 pm - 4 pm CET

Participants are kindly asked to call the following numbers 10 - 15 minutes before Conference schedule.

Participant Dial-in numbers for conference call:

+41(0)58-310-50-00 (Europe)

+44(0)203-059-58-62 (UK)

+1(1)631-570-5613 (USA)

About Cytos Biotechnology Ltd

Cytos is a public biopharmaceutical company focused on the development of targeted immuno-therapies. The Company's lead product candidate CYT003 is a novel, first-in-class, immune modulator in Phase 2 clinical development as a potential new treatment for asthma.

CYT003 has a novel mechanism of action that inhibits the immune response that causes asthma, and may therefore be beneficial for the control of asthma. In a successfully completed Phase 2a study, CYT003 was shown to maintain asthma control and lung function in patients with persistent allergic asthma, despite withdrawal of standard therapy with inhaled corticosteroids.

CYT003 has been shown to have a good safety and tolerability profile in more than 450 individuals receiving the active agent so far. Cytos was founded in 1995 as a spinoff from the Swiss Federal Institute of Technology (ETH) in Zurich. It is located in Schlieren (Zurich), Switzerland. The Company is listed according to the Main Standard on the SIX Swiss Exchange Ltd under the symbol CYTN.

http://www.cytos.com

Forward Looking Statements

This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements.  You are urged to consider statements that include the words "will" or "expect" or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors, including that CYT003 may not demonstrate safety or efficacy in clinical trials, that there may be delays in development or that CYT003 may not receive marketing approval, and that the Company relies on outside financing to meet capital requirements, which may not be available under acceptable terms or at all. Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.

For further information, please contact:
Cytos Biotechnology Ltd
Harry Welten
Chief Financial Officer
Tel: +41(0)44-733-46-46
e-mail: [email protected]

US Investor enquiries
Susan A. Noonan
Tel: +1(212)966-3650
e-mail: [email protected]

SOURCE Cytos Biotechnology

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Database apps on mobile devices shouldn't stop working when there's limited or no network connectivity. In his session at 16th Cloud Expo, Bradley Holt, a Developer Advocate for IBM Cloudant, will discuss how to bring data stored in a cloud database to the edge of the network (and back again), whenever an Internet connection is available. He will demonstrate techniques for replicating cloud databases with mobile devices in order to build offline-enabled mobile apps that can provide a better,...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
In his session at WebRTC Summit, Peter Dunkley, Technical Director at Acision, will look at creating interactive communications via the web by adding messaging, file transfer, and group communication (group chat and audio/video conferencing) into the web experience. He will also discuss potential applications of this technology in areas including B2B, B2C, P2P, and gaming. Peter Dunkley is Technical Director at Acision. He graduated from The University of Edinburgh in 2000 with a BSc (Hons) in ...
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
It's time to put the "Thing" back in IoT. Whether it’s drones, robots, self-driving cars, ... There are multiple incredible examples of the power of IoT nowadays that are shadowed by announcements of yet another twist on statistics, databases, .... Sorry, I meant, Big Data(TM), tiered storage(TM), complex systems(TM), smart nations(TM), .... In his session at WebRTC Summit, Dr Alex Gouaillard, CTO and Co-Founder of Temasys, will discuss the concrete, cool, examples of IoT already happening tod...
SYS-CON Events announced today that Site24x7, the cloud infrastructure monitoring service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Site24x7 is a cloud infrastructure monitoring service that helps monitor the uptime and performance of websites, online applications, servers, mobile websites and custom APIs. The monitoring is done from 50+ locations across the world and from various wireless carr...
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to off...
ScriptRock has been included in the list of "Cool Vendors" in the "Cool Vendors in DevOps 2015" report by Gartner, Inc.* ScriptRock provides visibility into the configuration state of an organization's IT environments, enabling the continuous delivery of mission critical services. For enterprises where downtime is not an option, ScriptRock's system-wide overwatch offers the assurance that misconfigurations and anomalies are caught before they affect the business. By satisfying this fundamental ...
Cloud and Big Data present unique dilemmas: embracing the benefits of these new technologies while maintaining the security of your organization's assets. When an outside party owns, controls and manages your infrastructure and computational resources, how can you be assured that sensitive data remains private and secure? How do you best protect data in mixed use cloud and big data infrastructure sets? Can you still satisfy the full range of reporting, compliance and regulatory requirements? In...
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of ...
While Docker continues to be the darling of startups, enterprises and IT innovators around the world, networking continues to be a real mess. Indeed, managing the interaction between Docker containers and networks has always been fraught with complications. Without automation in networking, the vision of running Docker at scale and letting IT run the same apps unchanged on the laptop and in the data center or for any cloud cannot be realized.
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, will present a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mo...