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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

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