September 30, 2014 FIRST HALF-YEAR REPORT 2014

Transcription

1 September 30, 2014 FIRST HALF-YEAR REPORT 2014 as of June 30, 2014

2 Financial summary YTD* 2014 YTD* 2013 Revenue CHF million Net operating costs CHF million (16.5) (10.5) Net loss CHF million (23.4) (13.6) June 30, 2014 December 31, 2013 Cash, cash equivalents & trade and other receivables CHF million Full-time equivalents number *YTD = year to date January 1, June 30. First Half-Year Report/2014 2

3 3 First Half-Year Report/2014 Financial Report

4 Financial Report Financial Results Six-month period ended June 30, 2014 Balance sheet Funds available for financing the Company s operations amount to CHF million as per June 30, 2014, and include cash and cash equivalents, financial assets and trade and other receivables. This is CHF million lower than on December 31, 2013 (CHF million). Cash decreased primarily due to expenses incurred from ongoing operating activities (CHF million) as well as funds spent on wind-down agreements with suppliers (CHF 5.60 million). In addition, as a result of a settlement agreement in connection with taking over the liabilities of Asklia Holding AG, a payment of CHF 2.00 million was made in the second quarter of 2014 (see note 7). On June 30, 2014, the nominal value of convertible bonds not held by the Company amounted to CHF million. Cytos did not buy back any convertible bonds on the market during the first half year of Revenue Revenue comprising deferred income from license fees paid by Novartis of CHF 0.50 million has been recognized in the first six month of 2014, unchanged from the same period in Net operating costs Net operating costs during the first six months of 2014 amounted to CHF million, compared to CHF million in the same period of the previous year. Compared to the first half-year 2013, research and development costs increased by CHF 5.60 million to CHF million in the first halfyear of 2014 due to wind-down agreements with suppliers (see note 1). Decreased activities in the Phase 2b study, after having announced the negative topline results of clinical trial with CYT003 on April 14, 2014, led to almost the same level of expenditures on the Phase 2b study costs in the first half-year 2014 as in the first half-year General and administrative costs and sales and marketing expenditures combined amounted to CHF 3.86 million. They were CHF 1.00 million higher in the first half-year of 2014 compared to the corresponding half-year of 2013, mainly due to an increase of legal and consulting costs in conjunction with the preparation of a secondary listing on Nasdaq (CHF 0.44 million) prior to the announcement of negative topline results of the Phase 2b clinical trial with CYT003 as well as accruals of wages in connection with winding down key operational activities of Cytos. Other income in the first half-year of 2014 was CHF 1.58 million which is CHF 0.64 million higher than in the first half-year of 2013 (CHF 0.94 million). A part of the provisions made to cover the liabilities that were taken over as a consequence of the acquisition of Asklia in 2002 (see note 7), were released as per June 30, 2014 and amounted to a total of CHF 0.49 million. Such an effect did not occur in the first half year In addition, other income increased in the first half-year 2014 compared to the same period in 2013 due to higher sublease income. Financial income In the first six month of 2014, financial income increased slightly from CHF 0.08 million by TCHF 4 to CHF 0.09 million when compared to the same period in First Half-Year Report/2014 4

5 Financial Report Financial Results Six-month period ended June 30, 2014 Financial expenses Financial expenses were CHF 7.57 million in the first six months of 2014 and CHF 3.64 million in the corresponding period in Key reasons for the higher financial expenses are mainly due to (i) the increase in accrued interest, stemming from the application of the effective interest rate method on the Convertible Bond (CHF 1.16 million) and the first tranche of the convertible loan notes (CHF 0.79 million) as well as (ii) the accrual of interest in the amount of CHF 1.98 million of the second tranche of the convertible loan notes which has been issued on October 21, Net loss Net loss was CHF million in the first half-year of 2014, compared to a net loss of CHF million in the same period in 2013, mainly due to wind-down agreements (see note 1) with suppliers and higher interest expenses in the first half-year Cash burn The gross cash burn for operating activities, as calculated on the cash flow statement, was CHF 3.31 million on average per month during the first six months of 2014, compared to CHF 1.80 million on average per month in the first half-year of First Half-Year Report/2014

6 Financial Report Cytos Biotechnology Ltd and its subsidiary Consolidated Balance Sheets as of in TCHF Note June 30, 2014 December 31, 2013 Non-current assets: Property and equipment, net Investment in associates Total non-current assets Current assets: Prepayments and other assets Trade and other receivables Cash and cash equivalents 9 18,382 39,847 Total current assets 19,323 40,337 Total assets 19,395 40,502 Shareholders equity: Share capital 4 3,053 3,053 Legal reserves 2 2 Additional paid-in capital 263, ,428 Convertible Bond/loan notes: equity component 9,830 9,830 Treasury shares (210) (216) Accumulated deficit (294,336) (270,867) Total shareholders equity (18,164) 4,230 Non-current liabilities: Convertible Bond/loan notes: liability component 25,168 Convertible Bond/loan notes: accrued interest 2,299 Pension liabilities Provisions 7 2,450 Total non-current liabilities ,462 Current liabilities: Trade accounts payable 58 1,492 Other current liabilities Accrued expenses 1,735 3,417 Convertible Bond/loan notes: liability component 11 31,329 Convertible Bond/loan notes: accrued interest 11 3,589 Deferred income Provisions 48 Total current liabilities 36,959 5,810 Total shareholders equity and liabilities 19,395 40,502 See accompanying notes that are an integral part of these condensed consolidated interim financial statements. First Half-Year Report/2014 6

7 Financial Report Cytos Biotechnology Ltd and it subsidiary Consolidated Income Statements Six months ended Six months ended in TCHF Note June 30, 2014 June 30, 2013 Revenue Revenue Research and development (14,183) (8,585) Sales and marketing (148) (176) General and administrative (3,716) (2,685) Other income 1, Net operating costs (16,464) (10,503) Operating loss (15,964) (10,003) Financial income Financial expense (7,568) (3,640) Loss before deferred tax (23,444) (13,559) Tax income Net loss (23,444) (13,559) Consolidated Statements of Comprehensive Income Six months ended Six months ended in TCHF (except for share information) June 30, 2014 June 30, 2013 Net loss Note (23,444) (13,559) Items that will not be reclassified to profit or loss: Remeasurement of pension liabilities due to adoption of IAS19R (25) 89 Other comprehensive income (25) 89 Total comprehensive loss (23,469) (13,470) Basic and diluted net loss per share 6 (0.77) (0.61) Weighted average number of shares used in computing basic and diluted net loss per share 30,525,276 22,411,431 See accompanying notes that are an integral part of these condensed consolidated interim financial statements. 7 First Half-Year Report/2014

8 Financial Report Cytos Biotechnology Ltd and its subsidiary Consolidated Condensed Statements of Cash Flows Six months ended Six months ended in TCHF Note June 30, 2014 June 30, 2013 Cash flow from operating activities: Net loss (23,444) (13,559) Depreciation and amortization Impairment of property and equipment 93 Share-based compensation Other cash flow items 6,982 3,798 Changes in assets and liabilities (6,405) (1,625) Net cash used in operating activities (21,869) (10,804) Net cash provided by /(used in) investing activities 188 (36) Net cash provided by financing activities 190 Net decrease in cash and cash equivalents (21,491) (10,840) Net effect of currency translation on cash Cash and cash equivalents, beginning of period 39,847 28,585 Cash and cash equivalents, end of period 18,382 17,813 See accompanying notes that are an integral part of these condensed consolidated interim financial statements. First Half-Year Report/2014 8

9 Financial Report Cytos Biotechnology Ltd and its subsidiary Consolidated Statements of Change in Shareholders Equity Convertible Additional Bond/loan Cumulative Number Share Legal paid-in notes: equity Treasury Accumulated translation in TCHF (except for share information) of shares capital reserves capital component shares deficit adjustments Total January 1, ,411,431 2, ,299 9,119 (224) (239,715) (209) 9,647 Total comprehensive loss (13,470) (13,470) Share-based compensation Share capital issuance cost 118* 118 June 30, ,411,431 2, ,959 9,119 (224) (253,185) (209) (3,163) January 1, ,525,276 3, ,428 9,830 (216) (270,658) (209) 4,230 Total comprehensive loss (23,469) (23,469) Issuance of share capital from Treasury shares 55, Use of Treasury Shares (55,520) (6) 6 Share-based compensation June 30, ,525,276 3, ,497 9,830 (210) (294,127) (209) (18,164) See accompanying notes that are an integral part of these condensed consolidated interim financial statements. *Partial repayment of issuance stamp duty. 9 First Half-Year Report/2014

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11 1. Organization Cytos is a public biopharmaceutical company domiciled in Schlieren, Switzerland and is listed according to the Main Standard on the SIX Swiss Exchange Ltd under the symbol CYTN. On April 14, 2014 Cytos announced that the Phase 2b study of the Company's lead product CYT003 in patients with moderate to severe allergic asthma did not achieve a statistically significant reduction of the Asthma Control Questionnaire (ACQ) score at week 12 in the target patient population compared to placebo. Patients on placebo and at all dose levels of CYT003 achieved a clinically relevant improvement in their asthma control measured by ACQ. Additional endpoints, including lung function also failed to show a statistically significant difference to placebo. As the study did not reach the pre-defined end points after three months of treatment, the clinical study was un-blinded and, upon full review of the data, terminated. No other compound of Cytos promises near term value creation potential. Cytos carries a substantial amount of debt in the form of senior convertible loan notes issued in 2012 and a subordinated traded bond issued in 2007 and restructured in Both debt instruments become due for repayment in February In total, the debt repayable in February amounts to CHF 46 million, whereas the cash as of June 30, 2014 amounted to CHF 18.7 million. In order to avoid a state of over-indebtedness, the four convertible loan note holders - Abingworth, Amgen, venbio and Aisling - have agreed to subordinate part of their loan notes to ordinary creditors. The subordinated part of the loan notes remains senior to the convertible bonds. On May 5, 2014 Cytos announced a wind-down of key operational activities, in particular related to the development and manufacturing of CYT003. The company executed a mass dismissal of employees to minimize operating costs and is further evaluating the feasibility of a sale of pre-clinical programs and technology assets. The financial outcome of such a potential sale is highly uncertain and it is very unlikely that any proceeds will exceed the subordinated part of the loan notes. Consequently, and as stated in the press release issued on April 14, 2014 and May 5, 2014, the Company does not expect to be able to repay any convertible bonds, which are subordinated to other creditors. Likewise, the Company also does not expect to make any payments to shareholders. The consolidated condensed interim financial statements have been approved for issuance by the Audit Committee on September 24, Basis of preparation Based on facts disclosed in note 1, these consolidated condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting on a non-going concern basis. The assets consist mainly of cash and cash equivalents and the liabilities consist of convertible bonds and convertible loan notes which are continued to be measured at amortized cost using the effective interest method. Therefore, the non-going concern basis applied to the consolidated condensed interim financial statements and the accounting policies used in the preparation of these statements are consistent with those used in the annual financial statements for the year ended December 31, 2013 which were prepared on a going concern basis. The consolidated condensed interim financial statement should be read in conjunction with the an- 11 First Half-Year Report/2014

12 nual financial statements for the year ended December 31, For better readability, the amounts in the Group s financial statements and notes are presented in thousands Swiss francs (TCHF) unless stated otherwise. 3. Seasonality Operating costs and revenue are not exposed to substantial seasonal variations. However, revenue from biotech companies may vary significantly throughout the year, since revenue is often linked to up-front payments, milestone and license payments, as well as payments for delivery of drug substances, which occur sporadically. 4. Shareholders equity Options In the first half-year 2014, 55,520 options have been exercised with an exercise price of CHF The Shares needed for this exercise were taken from the Treasury Shares (TCHF 5.55). From the exercise of these options a cash inflow of TCHF has been accounted for (agio: TCHF ). 5. Segment and geographic information Business segment The Group operates in one segment solely, focusing on the development and prospective commercialization of a new class of biopharmaceutical products that are intended for use in the treatment and prevention of chronic diseases. The Group s Executive Board reviews the profit or loss of the Group on an aggregated basis. The operations of the Group are managed as a single operating segment. The Group derives its research and collaboration revenues from research and development collaborations with third parties. Geographical segments All revenue are generated in Switzerland. All operating costs, including research and development, sales and marketing, general and administrative, other operating income and expenses arise in Switzerland as well. First Half-Year Report/

13 The Group s geographic information is as follows in TCHF: Additional information: June 30, 2014 December 31, 2013 Total non-current assets* Total liabilities 37,559 36,272 Six months ended Six months ended June 30, 2014 June 30, 2013 Capital expenditure for property and equipment Depreciation and amortization Impairment of property and equipment 93 0 *No adjustments to non-current assets are required as in line with definition of IFRS 8. Analysis of revenue by category: Six months ended Six months ended in TCHF June 30, 2014 June 30, 2013 Revenue from Novartis royalties and licenses Total Net loss per share Basic and diluted net loss per share have been computed based upon the weighted average number of common shares outstanding. Basic net loss per share excludes any dilutive effects of options, shares subject to repurchase, warrants and convertible securities. Neither outstanding options to purchase shares of common stock nor shares resulting from the conversion rights of the bond holders were included in the computation of the dilutive net loss per share as the effect would have been anti-dilutive. 7. Explanation of provisions concerning the "Asklia" litigation As a consequence of the merger of Cytos Biotechnology AG ( Cytos ) with Asklia Holding AG ( Asklia ) in 2002, Cytos assumed a number of provisions for legal claims as well as costs for lawyers, accounting and liquidation of companies. Since the acquisition of and merger with Asklia, most of the provisions have been claimed or reversed to the income statement. Asklia was involved in (i) various litigations and lawsuits arising in the ordinary daily business and (ii) claims regarding representations, warranties and covenants given by Asklia when divesting its business. Some of these Asklia claims and lawsuits were settled. Other cases of legal disputes, involving subsidiaries of Asklia that were divested prior to the acquisition were transferred as part of the divested business. In two of such lawsuits, in which the plaintiffs claimed CHF 1.3 million and CHF 0.6 million, Asklia agreed to indemnify the acquirer of the divested business for all costs the divested company or the acquirer will incur in connection with these proceedings. 13 First Half-Year Report/2014

14 As a consequence of the acquisition of Asklia these liabilities and lawsuits as well as the other pending and threatened lawsuits and claims of Asklia were taken over by Cytos. Cytos was of the opinion that the adequate provisions of CHF 2.5 million that were made as per December 31, 2013 would cover the risks associated with these various claims and pending or threatened lawsuits. On May 1, 2014, a settlement was reached between Cytos and the legal entity that is one of the counterparties of this law suit for which Cytos assumed the liability as mentioned above. Against a payment of CHF 2 million, any liability of or claim against Cytos is settled in full. As a result, the remaining provisions of CHF 0.5 million were reversed and credited to other income. 8. Share option plans The Group regularly grants share options to the members of the Board of Directors, the members of the Executive Board, as well as to the employees and consultants of the Company. The fair value of the options is determined at the grant date, based on the market price, by using the Black-Scholes model. The share options under the stock option plan 2014 ( SOP 2014 ) were granted as per December 20, In the first half year 2014, no further share options were granted. The expenses for the share-based compensation in relation to the granted share options amounted to TCHF 885 for the first six months of 2014 (TCHF 542 for the first six months of 2013). 9. Cash, cash equivalents and financial assets Due to the current low interest rate of fixed deposits, Cytos has not made any investments in financial assets in the first six months of Property and equipment In the first six months of 2014, the Group invested TCHF 20 into IT equipment (six-month period 2013: TCHF 44). The Group owns no properties. First Half-Year Report/

15 11. Current-/non-current liabilities Original Convertible Bond (see next page Restructured Convertible Bond ) In February 2007, the Company issued 2.875% p.a. convertible bonds ( Convertible Bond ) with a nominal value of CHF million, which are listed on the SIX Swiss Exchange under the symbol CYT07 (security number ). The Convertible Bond was initially due for repayment on February 20, 2012, and was convertible into the Company s shares at a conversion price of CHF 175. The Convertible Bond was restructured, and the restructuring became legally binding on March 13, 2012 and is mentioned separately on the next page. The table below shows the status of the original Convertible Bond, including all closing entries as per the original maturity date February 20, The values of the liability component and the equity conversion component were determined upon issuing the Convertible Bond. The fair value of the liability component was calculated by using a market interest rate for an equivalent non-convertible bond. The residual amount, representing the value of the equity conversion option, is included in shareholders equity. Transaction costs associated with the issuance have been allocated proportionally to the liability component and the equity component. The original Convertible Bond recognized in the balance sheet is calculated as follows: TCHF Nominal value of the Convertible Bond issued in February ,000 Equity component (11,788) Transaction costs allocated to liability component (1,811) Liability component on initial recognition 56,401 Interest expense 19,111 Partial repurchase of convertible bonds (38,601) Gain on partial repurchase of liability component of convertible bonds (15,425) Partial repurchase of equity component 2,385 Interest paid (6,703) Liability component as per February 20, ,168 Thereof interest as per February 20, 2012, due on February 20, ,033 Due to the restructuring of the Convertible Bond, the accrued interest as per February 20, 2012, of TCHF 1,033 will be due on February 20, First Half-Year Report/2014

16 Restructured Convertible Bond The Convertible Bond which was issued in 2007 was due for repayment on February 20, However, because Cytos did not have enough financial means to fully repay the Convertible Bond at maturity, it proposed a bond restructuring to the bondholders on November 10, In summary, Cytos proposed to repay half of the outstanding nominal value at par and to postpone the repayment for the remaining half as well as to defer the payment of any interest to February 20, The repayment will be at 150% of par value. In addition, the coupon has been increased from 2.875% p.a. to 5.75% p.a. Furthermore the conversion price has been reduced to CHF In the meantime, the conversion price has been further reduced to CHF 7.32 per share due to the anti-dilution clause. This restructuring became legally binding on March 13, The value of the liability component of the restructured Convertible Bond was determined based on a discount rate of 47.86%. The remaining value has been allocated to the equity component. The Convertible Bond constitutes direct, subordinated (nachrangig) unsecured and unconditional obligations of the issuer. The restructured Convertible Bond recognized in the balance sheet HY/2014 HY/2013 is calculated as follows: TCHF TCHF Nominal value of the restructured Convertible Bond 16,135 16,135 Adjustment to fair value as per February 20, 2012 (7,100) (7,100) Equity component (688) (688) Transaction costs allocated to liability component (115) (115) Liability component on initial recognition at February 20, ,232 8,232 Interest expense 9,227 4,341 Partial repurchase of convertible bonds (1,880) (1,880) Loss on partial repurchase of liability component of convertible bonds Partial repurchase of equity component Liability component on June 30, ,946 11,060 Accrued interest (deferred until February 20, 2015) 2,170 1,113 The total interest expense amounted to CHF 3.52 million and has been recognized as financial expense for the first six months of 2014 (same period in 2013: CHF 2.36 million). In the course of the first half-year of 2014, Cytos Biotechnology Ltd did not buy back any convertible bonds on the market. First Half-Year Report/

17 First tranche of the Convertible loan notes Four investors granted Cytos Biotechnology Ltd convertible loan notes, payable in two equal tranches with a total amount of CHF million. The convertible loan notes (capital and interest) can be converted into shares of the Company, whereby the conversion price is CHF 2.13 for the capital. The first tranche of CHF million was due for payment upon completion of the capital increase and was paid on May 15, For the second tranche of the convertible loan notes of CHF million we refer to the next page, second tranche of the convertible loan notes. The convertible loan notes carry an interest rate of 9% p.a. and are due for repayment at 150% of the nominal value on February 10, In case of a change in controlling interest, the investors can demand the repayment of the convertible loan notes at 190% of the original amount of the convertible loan notes. The value of the liability component of the first tranche of the convertible loan notes was determined based on a discount rate of 61.19%. The remaining value has been allocated to the equity component. As of May 2, 2014 a total amount of CHF 7.00 million was subordinated. This amount includes CHF million of the principle amount of the first and second tranche of the convertible loan note and accrued interests in the amount of TCHF 375. In addition to this, any interest due for the convertible loan notes accruing after April 14, 2014 is subordinated as well. The convertible loan notes recognized in the Balance sheet are HY/2014 HY/2013 calculated as follows: TCHF TCHF Nominal value of the convertible loan notes issued in May 2012* 6,625 6,625 Equity component (3,572) (3,572) Transaction costs allocated to liability component (102) (102) Liability component on initial recognition on May 15, ,951 2,951 Interest expense 4,687 1,969 Liability component on June 30, ,638 4,920 Accrued interest (deferred until February 10, 2015) 1, *Granted by: venbio Global Strategic Fund L.P., Grand Cayman (Cayman Islands) Amgen Investments Ltd., Hamilton (Bermuda) Abingworth Bioventures V L.P., London (UK) Aisling Capital III L.P., New York (USA) The total interest expense amounted to CHF 2.06 million and has been recognized for the first six months as financial expense (same period in 2013: CHF 1.27 million). 17 First Half-Year Report/2014

18 Second tranche of the convertible loan notes Upon completion of enrollment in the ongoing Phase 2b clinical trial with CYT003 in allergic asthma, the Company called the second tranche of CHF million on October 21, The second tranche of the convertible loan notes of CHF million was paid in four different installments between October 29, 2013 and December 10, The convertible loan notes carry an interest rate of 9% p.a. and are due for repayment at 150% of the nominal value on February 10, In case of a change in controlling interest, the investors can demand the repayment of the convertible loan notes at 190% of the original amount of the convertible loan notes. The value of the liability component of the second tranche of the convertible loan notes was determined based on a discount rate of 61.19%. The remaining value has been allocated to the equity component. As of May 2, 2014 a total amount of CHF 7.00 million was subordinated. This amount includes CHF million of the principle amount of the first and second tranche of the convertible loan note and accrued interests in the amount of TCHF 375. In addition to this, any interest due for the convertible loan notes accruing after April 14, 2014 is subordinated as well. The convertible loan notes recognized in the balance sheet are calculated HY/2014 as follows: TCHF Nominal value of the convertible loan notes issued in October and December 2013* 6,625 Equity component (711) Liability component on initial recognition in October and December ,914 Interest expense 1,831 Liability component as per June 30, ,745 Accrued interest (deferred until February 10, 2015) 323 *Granted by: - venbio Global Strategic Fund L.P., Grand Cayman (Cayman Islands) - Amgen Investments Ltd., Hamilton (Bermuda) - Abingworth Bioventures V L.P., London (UK) - Aisling Capital III L.P., New York, NY (USA) The total interest expense amounted to CHF 1.87 million and has been recognized for the first six months of 2014 as Financial expense. First Half-Year Report/

19 12. Events after balance sheet date There were no subsequent events requiring disclosure after June 30, Disclaimer Cautionary Statement regarding Forward-looking Statements: Certain statements in this quarterly report, including but not limited to statements, estimates and projections of future trends and of the anticipated future performance of Cytos Biotechnology Ltd and its subsidiary (together the Group ), constitute forwardlooking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievement of the Group, or industry results, to differ materially from any future results, performance or achievement implied by such forward-looking statements. The forward-looking statements are based on the Group s current beliefs and assumptions regarding a large number of factors affecting its business. Such beliefs and assumptions are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Group. There can be no assurance that: (i) the Group has correctly measured or identified all of the factors affecting its business or the extent of their likely impact, (ii) the publicly available information with respect to these factors on which the Group s analysis is based is complete or accurate, (iii) the Group s analysis is correct or (iv) the Group s strategy, which is based in part on this analysis, will be successful. Factors which affect the Group s business include, but are not limited to, (i) general market, governmental and regulatory trends, (ii) competitive pressures, (iii) technological developments, (iv) effectiveness and safety of the Group s technology and therapeutics, (v) uncertainty regarding outcome of clinical trials and regulatory approval process, (vi) management changes, (vii) changes in the market in which the Group operates, and (viii) changes in the financial position or creditworthiness of the Group s customers and partners. 19 First Half-Year Report/2014

20 Stock exchange listings at SIX Swiss Exchange Registered shares: Swiss Security No , SIX:CYTN Convertible Bond 2012: Swiss Security No , SIX:CYT07 Share register Aktienregister Cytos Biotechnology Ltd c/o Nimbus AG Postfach CH-8866 Ziegelbrücke (Switzerland) Capital structure Number of registered shares (nominal value CHF 0.10) 30,525,276 Conditional capital CHF 1,526, Authorized capital CHF 1,526, Free float 100% Contact Harry Welten, MBA Chief Financial Officer Tel.: harry.welten@cytos.com Cytos is a public biopharmaceutical company domiciled in Schlieren, Switzerland and is listed according to the Main Standard on the SIX Swiss Exchange Ltd under the symbol CYTN. Cytos was founded in 1995 as a spin-off from the Swiss Federal Institute of Technology (ETH) in Zurich. First Half-Year Report/

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