Dr. Itin, former CEO of Micromet, to be elected to Board of Directors and proposed as its Chairman at Extraordinary Shareholders Meeting
ZURICH, Oct. 9, 2012 /PRNewswire/ -- Cytos Biotechnology Ltd ("Cytos" or "the Company"), a Swiss biotech company focused on the development of CYT003 in allergic asthma, announced today the appointment of Dr. Christian Itin as Chief Executive Officer. As announced on 29 May 2012, the Board will propose to the Company's shareholders that Dr. Itin be elected as member of the Board, and it is intended that he will succeed Dr. Thomas Hecht as Chairman of the Board of Directors as of an extraordinary shareholders meeting scheduled to take place in November 2012. Dr. Hecht will step down from the Cytos Board at this meeting.
Dr. Itin (age 48 yrs.) is the former President and Chief Executive Officer of Micromet Inc., a previously Nasdaq-listed biopharmaceutical company, with headquarters in the USA and an R&D center in Germany. Dr. Itin led Micromet as CEO from 2004 until Micromet's acquisition by Amgen for $1.2 billion in cash in March 2012. In total he spent 13 years in senior management roles at Micromet. Prior to joining Micromet in 1999, Dr. Itin co-founded Zyomyx, Inc., a protein chip company based in Hayward, CA, USA.
Dr. Itin received a diploma in biology and a Ph.D. in cell biology from the University of Basel. In addition, he performed post-doctoral research at the Biocenter of Basel University and at the Stanford University School of Medicine.
Thomas Hecht, Chairman of Cytos, said: "Christian is an experienced biotech leader with significant expertise and a proven track record and his appointment completes our restructuring of Cytos. We believe with his experience and skills that he is well positioned to shape Cytos' future."
Christian Itin commented: "Cytos has undergone an important transformation during the last six months. The company is well capitalized by a strong group of new international investors and focused on executing a key clinical Phase 2b study with CYT003, a first in class novel biologic for the treatment of patients with allergic asthma. This is an exciting time to join Cytos, and I'm thrilled to be a part of the team building it into a premier biopharmaceutical company."
Dr. Joseph Anderson, Chairman of the Board's Nomination and Governance Committee and Partner at Abingworth, a major shareholder, added: "On behalf of the Board, I would like to thank Thomas for his leadership during a period that led to the refinancing of Cytos. He leaves the Company in a strong position, and we are pleased that Christian has joined as CEO, where we anticipate his proven leadership will allow the Company to realize the significant potential of CYT003."
Further Board Change
Jakob Schlapbach, a Non-executive member of Cytos' Board of Directors and the Company's former Executive Vice President and Chief Financial Officer (2000-2010), will also resign from the Board of Directors at the extraordinary shareholders meeting in November.
Thomas Hecht commented: "Jakob has been involved with Cytos for more than 12 years whereby he played a central role in several financing rounds and in the IPO. We are very appreciative of the many contributions he has made during that period. We wish him well in his future endeavours."
For further information please contact:
About Cytos Biotechnology Ltd
Cytos Biotechnology Ltd is a Swiss public biotechnology company focused on the development of its lead product candidate CYT003 in allergic asthma. CYT003 has successfully completed a phase 2a trial in patients with persistent allergic asthma receiving standard inhaled corticosteroid (ICS) treatment, where it was shown to maintain lung function and asthma control as ICS treatment was withdrawn. CYT003 acts via a novel mechanism of action: it targets the Toll-like receptor 9 (TLR-9) pathway, which inhibits the immune response that leads to the allergic asthma response. Cytos plans to initiate Phase 2b studies with CYT003 in allergic asthma patients in 2012.
Cytos was founded in 1995 as a spinoff from the Swiss Federal Institute of Technology (ETH) in Zurich. It is located in Schlieren (Zurich). The Company is listed according to the Main Standard on the SIX Swiss Exchange Ltd under the symbol CYTN.
This foregoing press release may contain forward-looking statements that include words or phrases such as "are intended for", "are designed to", 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 PRESS RELEASE DOES NOT CONSTITUTE AN OFFER, OR THE SOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES TO ANY PERSON IN AUSTRALIA, CANADA, JAPAN, OR THE UNITED STATES OR IN ANY OTHER JURISDICTION, NOR DOES IT CONSTITUTE A PROSPECTUS WITHIN THE MEANING OF ARTICLE 652A OR 1156 OF THE SWISS CODE OF OBLIGATIONS OR A LISTING PROSPECTUS PURSUANT TO THE LISTING RULES OF THE SIX SWISS EXCHANGE LTD. ANY DECISION TO PURCHASE ANY SECURITIES REFERRED TO HEREIN SHOULD BE SOLELY BASED ON THE RELEVANT PROSPECTUS. IN ADDITION, THE OFFER AND SALE OF THE SECURITIES REFERRED TO HEREIN HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR UNDER THE APPLICABLE SECURITIES LAWS OF AUSTRALIA, CANADA OR JAPAN. THE SECURITIES REFERRED TO HEREIN MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT OR AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. SUBJECT TO CERTAIN EXCEPTIONS, THE SECURITIES REFERRED TO HEREIN MAY NOT BE OFFERED OR SOLD IN AUSTRALIA, CANADA OR JAPAN OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY NATIONAL, RESIDENT OR CITIZEN OF AUSTRALIA, CANADA OR JAPAN. THERE WILL BE NO PUBLIC OFFER OF THE SECURITIES IN THE UNITED STATES.
IN THE UNITED KINGDOM, THIS PRESS RELEASE IS DIRECTED ONLY AT (I) PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "ORDER"), AND (II) HIGH NET WORTH ENTITIES FALLING WITHIN ARTICLE 49(2) OF THE ORDER, AND (III) PERSONS TO WHOM IT WOULD OTHERWISE BE LAWFUL TO DISTRIBUTE IT.
IN ADDITION, IF AND TO THE EXTENT THAT THIS PRESS RELEASE IS COMMUNICATED IN, OR THE OFFER OF SECURITIES TO WHICH IT RELATES IS MADE IN, ANY EEA MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY MEMBER STATE, THE "PROSPECTUS DIRECTIVE"), THIS PRESS RELEASE AND THE OFFERING OF ANY SECURITIES DESCRIBED HEREIN ARE ONLY ADDRESSED TO AND DIRECTED AT PERSONS IN THAT MEMBER STATE WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF THE PROSPECTUS DIRECTIVE (OR WHO ARE OTHER PERSONS TO WHOM THE OFFER MAY LAWFULLY BE ADDRESSED) AND MUST NOT BE ACTED ON OR RELIED ON BY OTHER PERSONS IN THAT MEMBER STATE.
SOURCE Cytos Biotechnology Ltd