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Cytos Biotechnology AG. (5/5/14). "Press Release: Cytos Biotechnology Ltd to Wind Down Key Operational Activities". Schlieren.

Organisations Organisation Cytos Biotechnology AG
  Today Kuros Biosciences AG (SIX: KURN)
  Group Kuros (Group)
  Organisation 2 Abingworth (Group)
Products Product CMP-001 (formerly CYT003) (Checkmate Pharma / Kuros / Cytos)
  Product 2 VLP technology (virus-like particle technology)
Persons Person Welten, Harry (Cytos Biotechnology 201203 CFO)
  Person 2 Brooke, Paul (venBio 201204 Partner before Morgan Stanley)
     


Cytos Biotechnology AG (SIX: CYTN) today announced that it has entered into agreements with major creditors resulting in a reduction of liabilities and provisions of the company of approximately CHF 5 million. In addition, the four convertible loan note holders Abingworth, Amgen, venBio and Aisling have agreed to subordinate part of their loan notes to ordinary creditors. The loan notes will remain senior to the convertible bonds. In the aggregate, these measures allow for a continued operation of the company.

In order to reduce future expenses, Cytos is winding down key operational activities, in particular related to the development and manufacturing of CYT003. The procedure for a mass dismissal of the employees has been concluded. As a result, 24 employees have received a notice of termination of their employment agreement, taking effect as of July 31, 2014. As a further cost saving measure, the size of the company’s board of directors will be reduced to four directors. Drs. Deniz and Krieg and Mr. Brooke have agreed to step down as board members effective May 31, 2014.

The company is also seeking to engage in discussions with interested parties regarding its VLP B-cell vaccines platform and ongoing preclinical development programs based on the platform.

As stated in the press release issued on April 14, 2014, the cash balance of the company at March 31, 2014 was CHF31 million and the company does not expect to be able to repay any convertible bonds, which are subordinated to other creditors. Likewise, the company also does not expect to make any payments to shareholders.


For further information, please contact:

Cytos Biotechnology Ltd
Harry Welten, MBA
Chief Financial Officer
Tel: +41 44 733 46 46
harry.welten@cytos.com


About Cytos Biotechnology Ltd

Cytos is a public biopharmaceutical company focused on the development of targeted immuno-therapies with a VLP B-cell vaccines platform and ongoing preclinical development programs based on the platform. 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.


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, 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.

www.cytos.com

   
Record changed: 2016-01-30

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