Cytos completes CHF 45 million third financing round
HBM BioVentures acting as lead investor
Zurich Switzerland January 23 2 2 Cytos biotechnology AG today announced that it has completed its third financing round by way of private placement raising gross proceeds of CHF 5 million US 27m EUR 31m through the issuance of 5 87 new registered shares This financing brings the total amount of funds raised by Cytos to CHF 1 6 million US 6 m EUR 73m Despite challenging market conditions the transaction was completed at a material increase in valuation over the previous private round in July 2 when Cytos raised CHF 5 million US 3 m EUR 3 m UBS Warburg advised Cytos on the transaction HBM BioVentures headquartered in Switzerland a highly recognized specialist private equity investor in the life science sector acted as lead investor in this financing round Cytos existing venture capitalist investors contributed approximately 3 to the round In addition to HBM BioVentures other new investors in Cytos include the specialist life science investors Equity Life LCF E de Rothschild Life Sciences Private Equity and Adamant Biomedical Investments as well as Bank Julius Baer and the Cantonal Bank of Zurich The proceeds from this financing round will primarily be used to extend Cytos research and development capabilities to accelerate its ongoing Immunodrug tm discovery and development programs and to bring its Immunodrug tm products into clinical trials Cytos has recently announced two collaborative agreements with Novartis Pharma and Millennium Pharmaceuticals which further validate its technologies in the areas of Immunodrugs tm and high throughput functional genomics respectively Additional collaborations with leading pharmaceutical and biotechnology companies are under negotiation Wolfgang Renner CEO of Cytos said: The completion of the third financing round together with our financial advisor UBS Warburg represents another important milestone for Cytos We are pleased that we were able to complete the fundraising on terms that create value to existing investors despite difficult conditions in the private equity market This mirrors the significant progress we have made over the last 18 months and the excellent prospects of our company particularly with regard to our Immunodrug tm program The Immunodrug tm approach represents a new therapeutic concept with a broad application potential in many disease areas The funds raised in this financing round enable us to further develop this novel class of therapeutics through the clinic We are very excited about this opportunity
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