- Capital measure provides CytoPharma GmbH with fresh capital of around EUR 1.7 million
- Funds to be used to finance cardiovascular division at CytoPharma GmbH
- CytoTools plans to extend existing scientific approaches to new indications
Darmstadt – 23 June 2014 – The Shareholders’ Meeting of CytoPharma GmbH has unanimously approved a capital increase totalling around EUR 1.7 million. The capital has been provided by two existing shareholders and by new shareholders. CytoTools AG participated in this round with approximately EUR 0.3 million, thus maintaining its stake in CytoPharma GmbH at significantly above 40%. The additional liquidity will enable CytoTools AG to continue to support the successful research activities at this subsidiary. It will begin to plan implementation of its existing cardiovascular research pipeline in initial clinical studies.
As a licensee of CytoTools patents, CytoPharma GmbH has a number of promising active substance candidates in the field of cardiovascular diseases. These can now be prepared for clinical trials and to generate initial human data.
Furthermore, CytoTools is planning additional clinical studies on Derma Pro®, a well characterized active substance, whose application potential is now to be extended to further indications outside its main dermatological focus.
“Other existing shareholders also exercised their subscription rights on a grand scale in this capitalization round and we see this as a mark of great confidence. The shareholders are recognizing the great progress we have made in scientific development work at CytoPharma. This capital measure will enable CytoPharma to move its promising product candidates forward to the clinical stage”, commented Dr. Mark-Andre Freyberg, CEO of CytoTools AG.
As well as transferring active substance candidates to clinical projects, in the coming weeks and months the company will also be holding talks for partnerships with other biotech and pharmaceuticals companies. CytoTools aims to forge alliances and partnerships with other interested biotech and pharmaceuticals players both for its cardiovascular division and for its DermaPro® substance and its application in new indications. At the end of June, CytoTools will be holding talks and negotiations for this purpose at the BIO 2014 International Convention, the world’s largest biotech fair in San Diego (USA).
This press release contains specific future-oriented statements. These reflect the opinion of CytoTools on the date of this release. The actual results achieved by CytoTools could substantially deviate from the future- oriented statements made. CytoTools is not obligated to update these future-oriented statements.
Notes to Editors
CytoTools AG is a biotechnology company focused on translating fundamental biology research on the mechanisms of cell growth and programmed cell death into unique therapies that are designed to treat the cause of the disease rather than the symptoms. The Company has developed a robust and diverse pipeline of disease modifying therapies that comprise proprietary small molecules and biologics. These have the potential to provide new treatment options in dermatology, cardiology and angiology, urology and oncology. CytoTools AG is structured as an investment and holding company and as such holds investments in its subsidiaries DermaTools Biotech GmbH (57%) and CytoPharma GmbH (42%).
Issued for and on behalf of CytoTools.
To contact the CytoTools team at Instinctif, email email@example.com.