The Annual General Meeting will be held under conditions of the Federal Council’s Ordinance 3 on Measures to Combat the Coronavirus (COVID-19) (COVID-19-Ordinance-3) as in force today. Due to current restrictions resulting from the COVID-19 pandemic, physical attendance to the meeting will not be possible and shareholders can cast their votes only by the independent proxy. Please consult the invitation for further information.
Kuros Biosciences recently announced the full year results for 2020 marked by accelerating sales of MagnetOs and the initiation of the Phase II study for Fibrin PTH, confirming its successful transition into a fully-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration. The company plans to continue to invest in its growth and is financed to accelerate the commercial roll-out of MagnetOs in the U.S. and to complete the Phase II study in spine in 2022.
For the Annual General Meeting, the Board proposes that the company’s share capital be reduced by lowering the nominal value of all shares from CHF 1.00 to CHF 0.10 each, and to allocate the amount of the reduction to the Company’s legal reserves from capital contributions. A reduction of the nominal value provides additional flexibility for future financing activities. The current share capital of over CHF 32 million is also unusually high for a company like Kuros, far exceeding the legal requirement. The proposed reduction in nominal value is a technical step which affects all shares equally and does not amount to a disbursement or dividend to shareholders. The number of shares also remains unchanged. Shareholders’ rights – both financial and participation – are not affected and the total equity remains unchanged.
The Board of Directors also proposes the election of Chris Fair, an experienced medical devices executive and current Executive Vice President & President Mobile C-arm at ControlRad, as a new member of the Board.
The invitation to the Annual General Meeting is available on our corporate website under the following links:
Further, the Board has decided to downsize the Company’s executive committee from the current six to two members, namely Joost de Bruijn, Chief Executive Officer, and Michael Grau, Chief Financial Officer.
About MagnetOs bone graft
MagnetOs bone graft has an advanced submicron surface topography that leads to the formation of bone in spinal fusion defects rather than scar tissue. In preclinical models, MagnetOs preferentially directs the body’s early wound healing response toward the bone-forming pathway, an effect that is so potent that bone can be formed even in soft tissues without the need for added cells or growth factors. This ground-breaking research led to Kuros attaining an osteoinductive claim for MagnetOs in Europe. Results from in vitro or in vivo laboratory testing may not be predictive of clinical experience in humans. MagnetOs is not cleared by FDA as an osteoinductive bone graft.
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” 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 a leader in next generation synthetic bone graft technologies for targeted and controlled bone healing. Kuros’s bone graft substitute, MagnetOs, is commercialized in the U.S. and UK for use in posterolateral spinal fusions. Kuros’s lead product in development, Fibrin PTH, a drug-biologic combination for spinal interbody fusion, has started a phase 2 clinical trial in the U.S. Kuros is located in Schlieren (Zurich), Switzerland, Bilthoven, The Netherlands and Burlington (MA), U.S. The Company is listed according to the International Reporting Standard on the SIX Swiss Exchange under the symbol KURN. Visit www.kurosbio.com for additional information on Kuros, its science and product pipeline.
Kuros Biosciences AG
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Chief Financial Officer
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