Cytos Biotechnology AG

EQS-Adhoc: Cytos Biotechnology Ltd Reports the Financial Results of the First Half Year 2015

EQS Group-Ad-hoc: Cytos Biotechnology AG / Key word(s): Half Year
Cytos Biotechnology Ltd Reports the Financial Results of the First
Half Year 2015

29.07.2015 / 17:30
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 the First Half
Year 2015

Schlieren (Zurich), Switzerland, July 29, 2015 - Cytos Biotechnology Ltd.
(SIX:CYTN) ("Cytos" or the "Company") announced today its financial results
for the first half year ended June 30, 2015.

Financial Results

Six-month period from January 1 to June 30, 2015

Funds available for financing the Company's operations amount to CHF 2.5
million as per June 30, 2015, and include cash and cash equivalents,
financial assets and trade and other receivables. This is CHF 14.6 million
lower than on December 31, 2014 (CHF 17.1 million) and is primarily driven
by the repayment of CHF 14.2 million of the non-subordinated part of the
convertible loans on February 10, 2015.

Revenue comprising deferred income from license fees paid by Novartis of
CHF 0.50 million has been recognized in the first six month of 2015,
unchanged from the same period in 2014. Novartis has bought out the
collaboration and license contract for CAD106 for a lump-sum payment of CHF
4 million (plus VAT) and Cytos has assigned that payment to the loan note
holders as part of the final settlement of all outstanding loan notes.
Novartis will not make any further payments under the collaboration and
license agreement in the future.

Net operating costs during the first six months of 2015 amounted to CHF
2.29 million, compared to CHF 16.46 million in the same period of the
previous year. Compared to the first half-year 2014, research and
development costs decreased by CHF 13.45 million to CHF 0.73 million in the
first half-year of 2015 due to decreased activities after the
discontinuation of the Phase 2b clinical study in asthma in first half-year
2014. General and administrative costs and sales and marketing expenditures
combined amounted to CHF 2.83 million and do contain costs associated with
the restructuring of the debt. Other income in the first half-year of 2015
was CHF 1.27 million and is comprised of proceeds from sub-lease

In the first six month of 2015, financial income was CHF 11.23 million
which is significantly higher compared with the corresponding period in the
prior year (TCHF 88). The two main elements of this difference are the
effects of (i) the mandatory conversion of all convertible bonds into
equity (CHF 9.61 million) as well as (ii) a partial waiver of claims by the
loan note holders (CHF 1.62 million). Both effects are one-time effects and
will no longer occur in the future as all debt has been eliminated.

Net income was CHF 7.77 million in the first half-year of 2015 (compared to
a net loss of CHF 23.44 million in the same period in 2014). This
significant decrease is mostly based on one-time effects related to the
elimination of debt as described above, as well as the revenue from the
amendment of the collaboration and license agreement for CAD106 by
Novartis. As already mentioned, all three effects are one-time effects and
will not occur again. Further, the on-going operating costs have been
significantly reduced due to decreased operating activities.

Financial summary (IFRS, consolidated)

(in CHF million)                                          HY 2015   HY 2014

Revenue                                                       4.5       0.5

Net operating costs                                         (2.3)    (16.5)

Operating income / (loss)                                     2.2    (16.0)

Net income / (loss)                                           7.8    (23.4)

(in CHF million)                                         30.6.2015 31.12.20

Cash, cash equivalents & trade and other                      2.5      17.1

Full-time equivalents                                         3.5       6.6

Events after balance sheet date

The closing took place of the license agreement with Tekmira under which
certain payments are to be made. The closing of the amendment of the
collaboration and license agreement (buy-out) by Novartis triggered a
payment of CHF 4 million (plus VAT). In conjunction with the settlement
with loan note holders, receivables in the amount of CHF 4,359,962.50 were
pre-assigned to them and, following the receipt of the payment done by
Novartis, the above amount was paid to the loan note holders.

With effect as of July 1, 2015, a total of 5.4 million options were granted
with a duration of five years, a regular vesting of four years, a full
vesting upon change of control and a strike price of CHF 0.60 (the closing
price of the Cytos share on July 1, 2015 was CHF 0.55).

The detailed First Half Year Financial Report 2015 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 h1/2015


29.07.2015 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
382069 29.07.2015

Weitere Meldungen: Cytos Biotechnology AG

Das könnte Sie auch interessieren: