DGAP-Adhoc
Cytos Biotechnology Ltd announces amendment of convertible loan notes agreement
Cytos Biotechnology AG / Key word(s): Bond
31.03.2014 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR
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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
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