Cytos raises CHF24million

The rights offering was oversubscribed and share allocations included the use of authorized capital. International institutional investors as well as other shareholders have invested CHF 10.2 million. The group of institutional and strategic shareholders, Abingworth, Amgen, venBio and Aisling, initially committed to invest CHF 9 million. Amgen further increased its participation by CHF 5.1 million, leading to a total investment by this group of CHF 14.1 million.

Dr. Christian Itin, Chairman and CEO of Cytos, said: “We appreciate the continued support of our shareholders and welcome our new investors. Our ongoing and fully enrolled phase 2b clinical trial with CYT003 is on track for core data release in April 2014. The additional capital from this offering supports the development activities for our lead program.”

This financing transaction consisted of a rights offering of 6’303’215 shares to existing shareholders whereby those rights not taken up were allocated by the Board of Directors to other shareholders or new investors. In addition, further 1’810’630 shares were placed out of the authorized share capital. The financing of CHF 24.3 million is in the form of registered shares issued by Cytos at CHF 3.00 per share and results in an increase of the issued share capital by a total of 8’113’845 new shares of Cytos.

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. In 2012 Cytos needed a recapitalization.