Cytos raises $32.6 million

Cytos Biotechnology AG (SIX:CYTN) raised CHF30.4 million ($32.6 million) in an equity and debt financing led by venBio, with participation from Amgen Inc. (NASDAQ:AMGN); Abingworth; and Aisling Capital. The financing comprises CHF23.8 million ($25.5 million) through the sale of 12.7 million shares at CHF 1.87 and CHF6.6 million ($7.1 million) in a first tranche of secured convertible notes.

The share price is a 4% premium to Cytos' close of CHF1.79 on March 20, before the offering was announced. The notes convert at CHF2.24. The investors will also receive warrants to purchase shares exercisable at CHF2.24. Cytos is eligible for an equal second tranche of notes subject to milestones related to asthma product CYT003-QbG10. Last week, Cytos raised CHF3.2 million ($3.4 million) through the sale of 1.7 million shares in a rights offering. Shareholders were eligible to purchase seven shares for every 15 held. ...