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    DGAP-Adhoc  881  0 Kommentare Cytos Biotechnology Ltd (SIX:CYTN) today published the topline results of the global Phase 2b clinical trial with CYT003.


    Cytos Biotechnology AG / Key word(s): Research Update

    14.04.2014 07:00

    Release of an ad hoc announcement pursuant to Art. 53 KR
    ---------------------------------------------------------------------------

    Cytos Biotechnology Ltd announces negative topline results of clinical
    trial with CYT003



    Phase 2b Study of CYT003 in moderate to severe allergic asthma misses
    endpoints

    Company evaluates options of ordinary winding down of operations and
    liquidation




    Schlieren, Switzerland - April 14, 2014 - Cytos Biotechnology AG (SIX:
    CYTN) today announced that the Phase 2b study of CYT003 in patients with
    moderate to severe allergic asthma did not achieve a statistically
    significant reduction of the Asthma Control Questionnaire (ACQ) score at
    week 12 in the target patient population compared to placebo. Patients on
    placebo and at all dose levels of CYT003 achieved a clinically relevant
    improvement in their asthma control measured by ACQ. Additional endpoints,
    including lung function also failed to show a statistically significant
    difference to placebo. The clinical study was planned to continue with a
    blinded observation period of 9 months. Considering the clear outcome,
    Cytos has determined to unblind and terminate the clinical study.

    As a result of the failure to achieve the primary endpoint, the previously
    announced condition for the conversion of convertible loan notes has not
    been achieved, and the company therefore considers the prospects of raising
    new funding sufficient to continue as a going concern to be remote.
    Consequently, the company's board of directors has instructed management to
    evaluate the options for an ordinary winding down of operations and
    liquidation of the company or a possible bankruptcy. In addition, the
    company has initiated the consultation process for a mass dismissal of all
    of the company's 36 employees.

    Dr. Christian Itin, Chairman and CEO of Cytos, commented: "We are very
    disappointed with the outcome of the Phase 2b study and would like to thank
    our patients and investigators for their support of the study. We would
    also like to thank our employees for their outstanding effort that was
    required to rebuild the company after the restructuring and mass dismissals
    in 2012. When developing the plans for winding down operations, we will
    seek to minimize adverse consequences for our employees and other
    stakeholders."

    The cash balance of the company as of March 31st, 2014 was CHF31 million.
    The company does not expect to be able to repay any convertible bonds which
    are all subordinated to other creditors. Likewise, the company also does
    not expect to be able to pay any liquidation dividend to shareholders.
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    DGAP-Adhoc Cytos Biotechnology Ltd (SIX:CYTN) today published the topline results of the global Phase 2b clinical trial with CYT003. Cytos Biotechnology AG / Key word(s): Research Update 14.04.2014 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Cytos Biotechnology Ltd announces negative …

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