Board/Management Information • Aug 29, 2011
Board/Management Information
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Corporate | 29 August 2011 07:00
Cytos Biotechnology Ltd confirms strategic and organizational changes with the aim of preserving value around its lead product and to address the up-coming maturity of the Convertible Bond
Cytos Biotechnology AG / Key word(s): Strategic Company Decision
29.08.2011 / 07:00
After completion of the consultation procedure with its employees, Cytos Biotechnology Ltd's Board of Directors has unanimously approved the full implementation of measures to significantly reduce costs and to focus on its key asset CYT003-QbG10.
In addition to the measures already announced, the following changes apply:
– Immediate reduction of the Board of Directors and the Executive Board by two members each
– Reduction of the workforce in two steps from 80 to 30 employees and from 30 to 10 employees. This step-wise approach is aimed to ensure that CYT003-QbG10 is prepared to move into advanced phase II clinical development
Schlieren (Zurich), Switzerland, August 29, 2011 – Cytos Biotechnology Ltd (SIX:CYTN; the 'Company') today confirmed strategic and organizational changes with the aim of preserving value around its unlicensed lead candidate CYT003-QbG10.
Following the consultation period with its employees, the Company will reduce its workforce with effect as per December 2011 to around 30 employees and with effect as per May 2012 to around 10 employees. This step-down approach enables Cytos Biotechnology Ltd to prepare CYT003-QbG10 for advanced phase II development including production of drug substance.
Sir Mark Richmond and Dr. Jean-Yves le Cotonnec stepped down from the Board of Directors with immediate effect thereby reducing the Board to three members, namely Dr. Thomas Hecht as Chairman and Delegate of the Board, Dr. Thorlef Spickschen as Vice-Chairman of the Board and Jakob Schlapbach. Both, Sir Mark Richmond as well as Dr. Jean-Yves le Cotonnec, will remain available on a consultancy basis as needed. Dr. Thomas Hecht heads the Executive Board and its members include Harry Welten, Chief Financial Officer, Dr. Philipp Müller, Head of Clinical Development, and Dr. Frank Hennecke, Head of Product Development.
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
Cytos Biotechnology Ltd is a Swiss public biotechnology company that specializes in the discovery, 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). Currently, the Company has 80 employees. 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 aimed to', 'will' 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: | Regulierter Markt in SIX; Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt |
| End of News | EquityStory AG News-Service |
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