BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Cytos Biotechnology AG Makes 80% Workforce Cut and Halts All in House Programs Except Lead Allergy Drug


8/17/2011 6:43:03 AM

Cytos Biotechnology is to slash its workforce by 80% and put all in house development programs that are not related to lead Phase II-stage allergic diseases Immunodrug™ candidate CY003-QbG10 on hold, as part of desperate measures to keep solvent. Its clinical-stage smoking cessation and Alzheimer disease candidates that are partnered with Novartis, and preclinical allergic diseases vaccine candidate, which is partnered with Pfizer, will not be affected. Although the measures will reduce cash burn over coming months, Cytos has an outstanding convertible bond of nominal CHF 41.1 million, which is due on February 20 1012, and the firm projects its financing gap could still be as high as CHF 17 million by then. It is consequently evaluating options on how to avoid a default on the convertible bond, including the potential for a bond restructuring.


   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES