Schlieren – Swiss Cytos Biotechnology Ltd. has been authorised to restructure a convertible bond by Canton of Zurich authorities. The company does not have enough cash to pay it back. Negotiations with bond holders failed in a first attempt. However, in December, Cytos was able to collect enough votes for the restructuring. Listed on the Zurich stock exchange, Cytos is in urgent need of cash. In 2011, losses amounted to some CHF18m, leaving the company with only CHF29m in liquid reserves. After a number of drug development failures, the firm’s hopes now rest on CYT003-QbG10, a vaccine for treating hay fever. Cytos had already reduced its headcount from 80 staff to just 36. By May, another restrucuring will bring that number down to 10. In the search for cash to keep the company alive, Cytos’ management is now trying to convince a pharma partner to sign a licence agreement for CYT003-QbG10.