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Cytos Biotechnology brings in CHF37mm through the private sale of equity and debt

Executive Summary

Cytos Biotechnology AG (developing medications for Alzheimer’s, Type II diabetes, hypertension, and respiratory conditions) has raised CHF37mm ($39.3mm) through a private placement of equity and debt. The company sold CHF23.75mm in equity (15.4mm shares at CHF1.87, a 26% premium) and CHF13.25mm in notes, which convert into shares at CHF2.24. Cytos has obtained the first CHF6.63mm in notes and will receive the second portion when it achieves certain milestones tied to a Phase IIb trial of CYT003 for allergic asthma. VenBio led and was joined by fellow participants Amgen, Abingworth, and Aisling Capital, which together will own a combined 54% (12.7mm Cytos shares) of Cytos. Each member of the syndicate received a warrant (exercisable at CHF2.24) for every new share it purchased. Other current shareholders may also buy stock through a concurrent CHF5mm rights offering. VenBio will contribute two board members and Abingworth, one.
Deal Industry
  • Biotechnology
    • Gene Therapy, Cell Therapy
    • Large Molecule
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Private Placement
    • Private Investment in Public Biotech
    • Convertible Debt

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