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Business
Cytos To Fold After Phase II Failure
by Rick Mullin
April 21, 2014
| A version of this story appeared in
Volume 92, Issue 16
Cytos Biotechnology has initiated the process of liquidating itself following the failure of its lead product candidate, CYT003, an asthma treatment in Phase II clinical trials. Cytos, which currently has 36 employees, underwent a significant downsizing in 2011, dropping other early-stage development projects and reducing staff from 82 to 10 workers. The company’s cash balance as of March 31 was $35 million.
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