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Altamira Therapeutics | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Apr 10 08:32
Summary by Moomoo AI
Altamira Therapeutics Ltd. (Nasdaq: CYTO), a Bermuda-based biopharmaceutical company, has provided a business update and reported its full year financial results for 2023. The company, led by CEO Thomas Meyer, is transitioning to focus on RNA delivery technology for non-liver targets and has reported significant progress in its RNA delivery business, including new collaborations and potential new applications. Altamira has achieved an 85% reduction in net loss, bringing it down to CHF 3.9 million, and has eliminated its financial debt. The company ended the year with shareholders' equity of CHF 6.5 million, an improvement of CHF 14.8 million. Altamira's RNA delivery platforms, OligoPhore™ and SemaPhore™, have shown promise in preclinical development and have been validated across various animal disease models. The company...Show More
Altamira Therapeutics Ltd. (Nasdaq: CYTO), a Bermuda-based biopharmaceutical company, has provided a business update and reported its full year financial results for 2023. The company, led by CEO Thomas Meyer, is transitioning to focus on RNA delivery technology for non-liver targets and has reported significant progress in its RNA delivery business, including new collaborations and potential new applications. Altamira has achieved an 85% reduction in net loss, bringing it down to CHF 3.9 million, and has eliminated its financial debt. The company ended the year with shareholders' equity of CHF 6.5 million, an improvement of CHF 14.8 million. Altamira's RNA delivery platforms, OligoPhore™ and SemaPhore™, have shown promise in preclinical development and have been validated across various animal disease models. The company has entered into collaborations with Heqet Therapeutics and Univercells Group to explore applications in heart tissue regeneration and mRNA vaccine delivery, respectively. Altamira also reported on the divestiture of a 51% stake in its subsidiary Altamira Medica AG, which focuses on the Bentrio® nasal spray for allergic rhinitis, to a Swiss private equity investor for approximately $2.3 million. The company's financial results for 2023 show a decrease in total operating loss from continuing operations and a profit from discontinued operations. Altamira expects its funding requirements for 2024 to be in the range of CHF 6.5 to 7.5 million and plans to cover its funding needs through partnering of its legacy assets and/or the sale of equity or convertible debt securities. A teleconference to discuss the business update and full-year results was scheduled for April 10, 2024.

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