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Cytos Biotechnology Announces Full Year 2012 Financial Results

SCHLIEREN, Switzerland, February 14, 2013 /PRNewswire/ --

Cytos Biotechnology Ltd (SIX:CYTN) today presented its full year 2012 financial results.

Full year consolidated financial figures 2012:

Balance Sheet

Funds available for financing the Company's operations amount to CHF 28.70 million as per December 31, 2012, and include cash and cash equivalents, financial assets and trade and other receivables. They were slightly lower than at the end of December 31, 2011 ( CHF 28.82 million). This net change is composed of cash increased by CHF 33.58 million due to funds being raised in the form of equity and debt as well as payments from collaboration partners of CHF 1.10 million and other payments of CHF  0.25 million. Cash decreased mainly due to the partial repayment of the convertible bonds (CHF  16.14 million) which were restructured, due to convertible bonds being purchased as well as funds ( CHF 14.62 million) mainly being spent on on-going operating activities.

As of December 31, 2012, convertible bonds with a nominal value of CHF 13.17 million maturing in February 2015 are outstanding and not held by Cytos. In addition, convertible loan notes of CHF  6.63  million are outstanding as per December 31, 2012 which are coming due for repayment in February 2015.

Revenues

Revenues decreased from CHF 1.57 million in 2011 to CHF 1.10 million in 2012. In 2012 the revenue stems from license fees from Novartis of CHF 1.00 million and revenue from a technology transfer of CHF 0.10 million. In 2011 the revenue was mainly derived from licence fees from Novartis of CHF  1.00  million, as it was the case in 2012, and revenue from former contract partners.

Cash burn

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