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ZURICH, April 14 (Reuters) - Swiss medical research company Cytos Biotechnology announced Monday that it is considering going into liquidation or bankruptcy after clinical trials of its main investigational drug have failed.
In a press release, the Zurich company said it had decided to end clinical trials of Cyt003, an asthma treatment, following negative results from a phase 2 study.
The conditions to carry out the early conversion of loans into shares are therefore not met and the chances of finding new financing are low, she adds.

"The board of directors entrusted the management of Cytos with the evaluation of a possible interruption of the operational activity and the examination of a liquidation or bankruptcy", we read in the press release, which adds that the dismissal process for the 36 employees of the company has started.
Split in 1995 from the Swiss Federal Institute of Technology (ETH) in Zurich, Cytos last year recorded a net loss of 30.8 million Swiss francs on turnover of 1.0 million. Its cash stood at 31 million francs at the end of March.
The Cytos share collapsed by 93.03% to 20 cents around 8:30 GMT on the Swiss market after this announcement. (Caroline Copley, Véronique Tison for French service)https://investir.lesechos.fr/actions/recos-analystes/la-biotech-suisse-cytos-envisage-sa-mise-en-faillite-964975.php