Date: 2013-10-10
Type of information: Capital increase
Company: Cytos Biotechnology (Switzerland)
Investors: Abingworth (UK), venBio (USA), Aisling Capital (USA), Amgen (USA)
Amount: up to CHF 17.6 million (€ 14.3 million)
Funding type: capital increase
Planned used: The cash proceeds will ensure that Cytos remains well capitalized to further advance the development of its lead program CYT003. Dr. Christian Itin, Chairman and CEO of Cytos, said: “We appreciate the continued support of our major shareholders. The currently ongoing Phase 2b clinical trial in patients with moderate to severe allergic asthma is progressing as planned and we expect top line data to be available in the second quarter of 2014 and the full study results becoming available in late 2014.”
Others: * On October 10, 2013, Cytos Biotechnology has announced a planned financing transaction that will raise up to CHF 17.6 million (€ 14.3 million) by selling up to 6.3 million shares in a rights offering. The group of institutional and strategic shareholders that invested in the Company in 2012, namely Abingworth, venBio, Aisling and Amgen, will increase their investment by CHF 9 million as part of the rights offering. The Company’s board of directors intends to make available to new investors any shares that are not subscribed by the current shareholders in the rights offering.
The proposal for an ordinary capital increase will be presented to the shareholders for approval at an extraordinary shareholders’ meeting to be held on November 4, 2013. The Company’s major shareholders who collectively hold more than 50% of the outstanding share capital have committed to vote in favor of the ordinary capital increase. At this shareholders’ meeting, the Company also plans to seek approval for the creation of additional conditional and authorized capital of up to 3.15 million shares each, with a nominal value of CHF 0.10 per share.
Therapeutic area: Allergic diseases - Immunological diseases
