DGAP-Adhoc: Cytos Biotechnology Ltd announces amendment of convertible loan notes agreement
31.03.2014 – 07:08
Cytos Biotechnology AG / Key word(s): Bond 31.03.2014 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Cytos announces amendment of convertible loan notes agreement All outstanding loan notes to be converted into shares upon achievement of primary end point in ongoing Phase 2b study Schlieren (Zurich), Switzerland, March 31, 2014 - Cytos Biotechnology Ltd ("Cytos") today announced that it has reached agreement with Abingworth, venBio, Aisling and Amgen to convert all loan notes including accrued interest into common registered shares upon achievement of the primary endpoint of the currently on-going Phase 2b clinical trial in moderate to severe asthma. The data are expected to be announced in April 2014. The early conversion of the loan notes would be made at 150% of the principal loan note amount plus accrued interest at the current conversion price of CHF 2.13. Convertible loan notes with a total nominal value of CHF 13.25 million are held by Abingworth, venBio, Aisling and Amgen, Cytos' largest shareholders, and were issued pursuant to the recapitalization transaction in 2012. Under the original terms, the loan notes are either convertible at CHF 2.13 or repayable at 150% of the nominal value plus accrued interest on February 10, 2015. An extraordinary shareholders' meeting will be called should the primary end point be reached in April in order to approve the amended terms of the early conversion. As the majority of Cytos shares are owned by the loan note holders, Cytos expects that such approval will be granted. Dr. Christian Itin, Cytos' Chairman and Chief Executive Officer commented: "We are pleased that we were able to reach agreement on an early conversion of the loan notes with our major shareholders and would like to thank them for their trust and confidence. An early conversion following the achievement of the primary endpoint in the on-going Phase 2b study will significantly reduce the debt of Cytos and facilitate the implementation of our corporate strategy." For further information, please contact: Cytos Biotechnology Ltd Harry Welten, MBA Chief Financial Officer Tel: +41 44 733 46 46 e-mail: harry.welten@cytos.com US Investor enquiries Susan A. Noonan Tel: +1 (212) 966 3650 e-mail: susan@sanoonan.com 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. 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. +++++ Additional features: Document: http://n.equitystory.com/c/fncls.ssp?u=RVVUAVOKCB Document title: Cytos_Press_E_140331_convertible 31.03.2014 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Cytos Biotechnology AG Wagistr. 25 8952 Schlieren Switzerland Phone: +41 44 733 4747 Fax: +41 44 733 4740 E-mail: info@cytos.com Internet: www.cytos.com ISIN: CH0011025217, CH0029060735 Valor: - Listed: Freiverkehr in Berlin, München, Stuttgart; Frankfurt in Open Market ; SIX End of Announcement EQS Group News-Service ---------------------------------------------------------------------------