venBio leads CHF 37m funding round for Cytos

The funding round includes CHF 23.75m of equity and CHF 13.25m in secured convertible loans payable in two tranches of CHF 6.625m each. The second tranche is dependent on the achievement of certain milestones. The capital increase results in the issuance of 15,374,328 new shares with a nominal value of CHF 0.10 each.

The funding will underpin the development of Cytos' programmes and support a global multi-centre Phase IIb clinical trial of its leading product CYT003-QbG10.

Company
Founded in 1995 as a spin-off from the Swiss Federal Institute of Technology, Cytos Biotechnology Ltd is a Zurich-based biotech company engaged in the development of biopharmaceutical products. Its leading product CYT003-QbG10 is an allergen-independent immunotherapy that could be used to treat a broad range of different allergies and allergic asthma.

People
Kurt von Emster and Paul Brooke of venBio, and Joe Anderson, partner at Abingworth, will join the Cytos board as non-executive directors. Arthur Krieg, CEO of RaNA Therapeutics and John Berriman, deputy chairman of Algeta, will also join the board. Dov Goldstein worked on the deal for Aisling. Thomas Hecht is executive chairman of Cytos.

Advisers
Company – Bär & Karrer (Legal).

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• DACH
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• Expansion
• Switzerland