The share capital increase aims at raising up to around CHF 15 million by issuing up to 9 million newly created ordinary shares. The Company intends to use the net proceeds to accelerate and advance the commercial roll-out of MagnetOs, which based on current performance is expected to become cash flow positive for the Company by the end of 2022. The proceeds shall also allow for further clinical development of Fibrin-PTH, which targets a substantial clinical need in orthopedics and neurosurgery, and potentially a significant commercial opportunity. This includes completion of the STRUCTURE clinical Phase 2 study with the first data expected to be available early 2022, comparing Fibrin-PTH versus local autograft in spine fusion, as well as preparations for Phase 3 clinical development.
The final terms of the share capital increase will depend on, inter alia, the Company’s stock price at the time of pricing and announcement of the capital increase and the interest amongst existing and new equity investors.
Octavian and Ondra LLP are acting as financial advisors to the Company.
The EGM invitation can be downloaded via the following links:
MagnetOs bone graft has an advanced submicron surface topography that leads to the formation of bone, rather than scar tissue, following implantation. In preclinical models, MagnetOs preferentially directs early wound healing toward the bone-forming pathway, meaning that bone can be formed even in soft tissues without the need for added cells or growth factors, resulting in an osteoinductive claim in Europe. MagnetOs promotes local bone formation equivalent to current gold standard, autograft. A substantial number of clinically relevant and predictive studies have demonstrated its equivalence to the current gold standard (patient’s own bone, which may not be available in sufficient quantities and/or involves morbidity, costs and pain associated with its harvesting from another healthy site of the patient’s body). MagnetOs is now supported by over two years’ clinical experience since its launch in the United Kingdom in May 2017. For more information, see: www.magnetosbonegraft.com.
About Fibrin-PTH (KUR-113)
Fibrin-PTH (KUR-113) consists of a natural fibrin-based healing matrix with an immobilized targeted bone growth factor (truncated human parathyroid hormone (PTH) analog). Fibrin-PTH (KUR-113) is designed to be applied directly into and around an intervertebral body fusion device as a gel, where it polymerizes in situ. Fibrin-PTH (KUR-113) functions via the well-established mechanism of action of parathyroid hormone; has been demonstrated in animal models of spinal fusion to be comparable to rhBMP-2; and has been shown in preclinical studies to be easy to use and ideal for open or minimally invasive techniques. Fibrin PTH (KUR-113) is an investigational drug/biologic combination product candidate. Fibrin PTH (KUR-113) has been evaluated in animals for use in lumbar interbody fusion. The safety & efficacy of Fibrin PTH (KUR-113) is currently under evaluation for spinal fusion in humans.
Forward Looking Statements
This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words “will”, “shall” or “expect” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors. Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.
Kuros Biosciences is focused on the development of innovative products for tissue repair and regeneration and is located in Schlieren (Zurich), Switzerland, Bilthoven, The Netherlands and Burlington, MA, U.S. The Company is listed according to the International Financial Reporting Standard on the SIX Swiss Exchange under the symbol KURN. Visit www.kurosbio.comfor additional information on Kuros, its science and product pipeline.
Kuros Biosciences AG
Telefon: +41 (44) 20056-00
Telefax: +41 (44) 2005601
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Chief Financial Officer
Telefon: +41 (44) 73347-47