Legal Proceedings Report • Feb 6, 2012
Legal Proceedings Report
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Corporate | 6 February 2012 06:45
Cytos Biotechnology Ltd: Convertible bond restructuring proposal approved by the Higher Court of the Canton of Zurich. Strategic solutions are further being pursued.
Cytos Biotechnology AG / Key word(s): Miscellaneous
06.02.2012 / 06:45
Schlieren (Zurich), Switzerland, February 6, 2012 – Cytos Biotechnology Ltd ('Cytos') today announced that the superior composition authority of creditors of the canton of Zurich ('Obere Kantonale Nachlassbehörde') has ruled on February 3, 2012 that all five resolutions of the bond restructuring proposed on November 10, 2011 to the bondholders and submitted to the court on December 22, 2011 are approved. They become valid and binding within thirty days unless an appeal is filed with the Federal Court. Upon completion of the convertible bond restructuring, going concern of Cytos is ensured thereby enabling the continued search for a sustainable strategic solution.
Since February 3, 2012 the SIX Swiss Exchange has suspended trading of Cytos' convertible bonds due to technical reasons. Trading is expected to continue on Friday, February 10, 2012 on a 'flat basis', which means that the accrued interest is included in the quoted price.
For further information please contact:
Cytos Biotechnology Ltd
Harry Welten
Chief Financial Officer
Tel.: +41 44 733 46 46
e-Mail: [email protected]
Website: www.cytos.com
About Cytos Biotechnology Ltd
Cytos Biotechnology Ltd is a Swiss public biotechnology company that specializes in the development and commercialization of a new class of biopharmaceutical products – the Immunodrugs(TM). Immunodrugs(TM) are intended for use in the treatment and prevention of common chronic diseases, which afflict millions of people worldwide. Immunodrugs(TM) are designed to instruct the patient's immune system to produce desired therapeutic antibody or T cell responses that modulate chronic disease processes. The Immunodrug(TM) candidates are developed both in-house and together with Novartis, Pfizer and Pfizer Animal Health. Founded in 1995 as a spinoff from the Swiss Federal Institute of Technology (ETH) in Zurich, the Company is located in Schlieren (Zurich). Cytos Biotechnology Ltd is listed on the main segment at the SIX Swiss Exchange (SIX:'CYTN').
This foregoing press release may contain forward-looking statements that include words or phrases such as 'are intended for', 'are designed to', 'is expected' or other similar expressions. These forward-looking statements are subject to a variety of significant uncertainties, including scientific, business, economic and financial factors, and therefore actual results may differ significantly from those presented. There can be no assurance that any further therapeutic entities will enter clinical trials, that clinical trial results will be predictive for future results, that therapeutic entities will be the subject of filings for regulatory approval, that any drug candidates will receive marketing approval from the U.S. Food and Drug Administration or equivalent regulatory authorities, or that drugs will be marketed successfully. Against the background of these uncertainties readers should not rely on forward-looking statements. The company assumes no responsibility to update forward-looking statements or adapt them to future events or developments. This document does not constitute an offer or invitation to subscribe or purchase any securities of Cytos Biotechnology Ltd.
End of Corporate News
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| Language: | English |
| Company: | Cytos Biotechnology AG |
| Wagistr. 25 | |
| 8952 Schlieren | |
| Switzerland | |
| Phone: | +41 44 733 4747 |
| Fax: | +41 44 733 4740 |
| E-mail: | [email protected] |
| Internet: | www.cytos.com |
| ISIN: | CH0011025217, CH0029060735 |
| Swiss Security Number: | – |
| Listed: | Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt; SIX |
| End of News | EquityStory AG News-Service |
| - - - |
| 155430 06.02.2012 |
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