SwitzerlandSwitzerland

Cytos confirms drastic cuts in workforce and management

30.08.2011

Schlieren - Swiss biotechnology company Cytos has devised a plan to get its lead candidate into Phase II. To achieve this, the cash strapped company will slash its workforce, as previously announced, by 85%. To ensure the development of candidate CYT003-QbG10 against hay fever and asthma, the cutback will happen in two steps, as the company stated on Monday. The staff of now 80 will be reduced to 30 until December 2011, then down to 10 in May 2012. The management board will be bleeding too, with Mark Richmond and Jean-Yves le Cotonnec leaving the Board of Directors, with just three members remaining. The shrunken executive board will consist of Harry Welten, Philipp Müller and Frank Hennecke. Both panels will be led by Thomas Hecht. The cutbacks have become necessary because of persisting money shortfalls. Cytos has an outstanding convertible bond of nominal CHF 41.1 million, which is due on February 20, 2012, and the firm projects its financing gap could still be as high as CHF 17 million by then. CYT003-QbG10 is an allergen-independent immunotherapy that has completed Phase II trials for the treatment of allergic asthma and allergic rhinitis. The drug comprises the virus-like particle Qb, containing the immunostimulatory sequence G10. Cytos claims G10 acts to stimulate TLR9 in dendritic cells and induce the production of immune mediators that balance allergic immune responses and also activates TLR9 on mast cells, which further down-regulates the allergic response.

SwitzerlandSwitzerland

21.02.2012

Basel/Berkeley – Europe enters into the age of personalised medicine. The European Commission has approved the melanoma drug Zelboraf. While the compound was developed by US-based Plexxikon Inc., owned by Daiichi Sankyo Group,...

SwitzerlandSwitzerland

26.01.2012

Basel – The rumours started just before Christmas. Roche wants Illumina. Just how dearly, has just become clear. The Swiss drugmaker made a $5.7b hostile bid for Illumina, the current market leader in Next-Generation sequencing....

SwitzerlandSwitzerland

23.01.2012

Basel – Good and bad news for Swiss drugmaker Novartis. First a look on the bright side: Signifor, for the treatment of Cushing's disease, is on its final stretch to approval. The Committee for Medicinal Products for Human Use...

SwitzerlandSwitzerland

19.12.2011

Basel - It is a further push for Roche's ambitions in medicine concerning the treatment of skin cancer: The European Committee for Medicinal Products for Human Use (CHMP) has recommended that the drug Zelboraf and its companion...

SwitzerlandSwitzerland

17.12.2011

Allschwil – Europe’s largest stand-alone biotech company Actelion Ltd. is receiving an injection of fresh capital. Under the guidance of the two biggest Swiss banks – UBS and Credit Suisse – the Swiss company will be issued a...

SwitzerlandSwitzerland

14.12.2011

Stans – Due to the current financial market conditions and the lack of significant progress with currently available options, Swiss drug developer Mondobiotech says it will be implementing restructuring measures. Together with...

SwitzerlandSwitzerland

14.12.2011

Geneva – There's is life in Swiss biotechnology beyond big pharma. Genentech has launched a First-in-Human study with anti-IL-17, an antibody made by the Swiss biotechnology company NovImmune. The fully human monoclonal antibody,...

SwitzerlandSwitzerland

22.11.2011

Basel – The FDA has withdrawn the accelerated approval for Roche's Avastin (bevacizumab) to treat metastasising breast cancer. The US regulatory authority had originally granted accelerated approval for Avastin's use in treating...

SwitzerlandSwitzerland

16.11.2011

Basel/Hervel – It may be the end of Novartis' lucky streak in osteoporosis. While the once a year osteoporosis injection Aclasta (a bisphosphonate) sells well, the Swiss pharma company had to break disastrous news from a...

Displaying results 11 to 20 out of 276

< Previous 11-20 Next >

© 2007-2015 BIOCOM

http://www.european-biotechnology-news.com/nc/news/messages-archive/archive-switzerland/browse/1/article/cytos-confirms-drastic-cuts-in-workforce-and-management.html

Video

All videos

Product of the week

Products

WhitePaper

LentiKat’s offers an unusual investment opportunity

LentiKat’s owns, manufactures and distributes a patented immobilization into lentil-shaped Lentikats Biocatalysts. The unique lentil-like shape of the Lentikats Biocatalyst ensures unlimited diffusion of substrate(s) into any part of the matrix, while still retaining a convenient size for easy separation from the reaction medium. They find application in the Pharma & Food industry (including bio-based chemicals), Wastewater treatment as well as Biofuels. more...

Events

All Events

Partner-Events

München

BioVaria 2015

Job Advert

Sales Manager

celares GmbH is a Berlin based drug delivery company focused on chemical modifications of biological drugs. We offer customized development services for international pharma and biopharma companies and have manufacturing capabilities for key starting materials used for the preparation of pharmaceutical drugs. For the intensification of our own sales activities we are looking for a sales manager. more...

Stock list

All quotes

TOP

  • WILEX3.59 EUR5.59%
  • BASILEA118.10 CHF3.14%
  • PAION2.58 EUR2.79%

FLOP

  • BIOTEST79.20 EUR-19.51%
  • CYTOS1.01 CHF-8.18%
  • FORMYCON28.00 EUR-6.01%

TOP

  • 4SC1.30 EUR54.8%
  • WILEX3.59 EUR22.9%
  • CO.DON3.15 EUR19.3%

FLOP

  • MOLOGEN5.08 EUR-35.6%
  • CYTOS1.01 CHF-34.4%
  • BIOTEST79.20 EUR-22.5%

TOP

  • SANTHERA98.85 CHF2460.9%
  • CYTOS1.01 CHF676.9%
  • WILEX3.59 EUR337.8%

FLOP

  • MOLOGEN5.08 EUR-54.7%
  • THERAMETRICS0.07 CHF-30.0%
  • BIOFRONTERA2.41 EUR-28.1%

No liability assumed, Date: 24.04.2015

Current issue

All issues