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Cytotools: New CFO and EUR 6 million for development

Cytotools announces the appointment of a Chief Financial Officer. Marc Herwick will hold the newly created position on the board of the Darmstadt-based company. The manager has more than 20 years of experience, including in a responsible position at two European pharmaceutical groups. “From 2016 to the current year he was managing director and regional CFO for Central Europe at JELD-WEN, a leading manufacturer of building equipment with a turnover of around 4 billion US dollars”, said Cytotools about the new CFO.

In addition, the company has finally completed its most recent capital increase. The corporate action has been entered in the commercial register. In the course of the capital increase with proceeds of 3.66 million euros, Cytotools has gained a new strategic investor. This is PIH Pharma Industry Holding. After the financing round, PIH has a 9 percent stake in CytoTools. The holding belongs to the Klocke Holding from Weingarten.

A phase III study on DermaPro and DPOCL is to be financed with the fresh money from the capital increase as well as the previously available liquid funds of 2.6 million euros. “The costs of the DermaPro phase III study will amount to around 6 million euros,” says Mark-Andre Freyberg, CEO of CytoTools AG. One wants to cover running costs in the future from license income that Skin drug Woxheal (DermaPro) in India after the approval and market launch will achieve.

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At a glance – chart and news: CytoTools

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