Cytos Biotechnology AG

EQS-Adhoc: Cytos Biotechnology Ltd Reports the Financial Results of 2014

EQS Group-Ad-hoc: Cytos Biotechnology AG / Key word(s): Final Results
Cytos Biotechnology Ltd Reports the Financial Results of 2014

28.04.2015 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.


Cytos Biotechnology Ltd Reports the Financial Results of 2014

Schlieren (Zurich), Switzerland, April 28, 2015 - Cytos Biotechnology Ltd.
(SIX:CYTN) ("Cytos" or the "Company") today presented its full year 2014
financial results and updated on progresses made to date.

The Company has achieved a number of key steps to date towards elimination
of its debt burden. First, the bondholders meeting held in January 2015
approved the conversion of their bonds into shares with an 84% majority of
all bond holders voting in favor of the conversion. The second step
required was an approval by the Higher Court of the Canton of Zurich which
was obtained in March 2015. The appeal period with the Federal Supreme
Court will end by the end of April 2015 and - unless an appeal is filed -
the application becomes final and binding soon thereafter. In March 2015,
the shareholders have also approved the capital needed to create the shares
used for the exchange of the bonds. As a consequence, the Company expects
that the bonds can be exchanged into shares in the first half of May 2015
(subject to no appeal being filed). With this conversion, about half of the
overall debt as per year-end 2013 will be eliminated.

As with regards to the second half of the debt: the non-subordinated part
of CHF 14.2 million has been repaid at maturity, i.e. on February 10, 2015.
Further, CHF 2 million of the claims of the loan note holders has been
eliminated by converting the same amount into 1'600 convertible bonds. As a
result, a residual subordinated claim of CHF 6 million remains due to date.
Cytos is currently in discussions with the loan note holders regarding the
settlement of theses residual claims. Such agreement is expected to ensure
the continued going concern of Cytos allowing Cytos to potentially acquire
a privately held company with intact projects and/or commercial products
using stock. Such a combined company would have an intact asset base and
potential for value creation for shareholders.

Full year consolidated financial figures 2014:

Balance sheet
Funds available for financing the Company's operations amounted to CHF
17.06 million as per December 31, 2014, and include cash and cash
equivalents, financial assets and trade and other receivables. This is CHF
22.95 million lower than on December 31, 2013 (CHF 40.00 million). This net
change is composed of a cash increase of payment of CHF 1.00 million from a
collaboration partner and other payments (mainly payments from sub-tenants)
of CHF 3.01 million. Cash decreased primarily due to expenses incurred from
ongoing activities (CHF 15.35 million) as well as costs associated with
winding down supplier agreements (CHF 5.60 million). In addition, a payment
of CHF 2.00 million was made in connection with a final settlement related
to liabilities of Asklia Holding AG which were assumed in the 2002 merger.

As per December 31, 2014 the total amount of debt amounted to around CHF 46
million. Half of the debt was comprised of the convertible bonds issued in
2007 and restructured in 2012. , As outlined above, the Company expects
that the bonds can be exchanged into shares in the first half of May 2015.
The other half of the debt is comprised of the convertible loan notes
issued in 2012 of which a major part has been repaid at maturity and
negotiations on the settlement of the remaining part are ongoing with the
loan note holders.

Revenues comprising income from license fees paid by Novartis of CHF 1.00
million has been recognized in the year 2014, unchanged from the same
period in 2013.

Cash burn
The gross cash burn for operating activities, as calculated on the cash
flow statement, was CHF 2.06 million on average per month during the year
2014, compared to CHF 1.68 million on average per month in the year of

(in CHF million)                                          FY 2014   FY 2013

Revenue                                                       1.0       1.0

Net operating costs                                        (19.9)    (24.3)

Operating loss                                             (18.9)    (23.3)

Net loss                                                   (34.0)    (30.8)

Net loss per share (in CHF)                                (1.11)    (1.32)

(in CHF million)                                     31.12.2014  31.12.2013

Cash, cash equivalents & trade and other                     17.1      40.0

Full-time equivalents                                         8.0      28.7

The detailed Annual Report 2014 can be downloaded at:

For further information, please contact:

Cytos Biotechnology Ltd
Harry Welten, MBA
Chief Financial Officer
Tel: +41 44 733 46 46

About Cytos Biotechnology Ltd

Cytos is a public biopharmaceutical company 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
End of ad hoc announcement

Additional features:

Document title: Cytos_AR14_150428


28.04.2015 News transmitted by EQS Schweiz AG. - news

The issuer is responsible for the contents of the release.


Language:    English
Company:     Cytos Biotechnology AG
             Wagistr. 25
             8952 Schlieren
Phone:       +41 44 733 4747
Fax:         +41 44 733 4740
ISIN:        CH0011025217, CH0029060735
Valor:       -
Listed:      Regulated Unofficial Market in Berlin, Munich, Stuttgart;
             Open Market in Frankfurt ; SIX

End of News    EQS Group News-Service
349321 28.04.2015

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