Targeted & controlled bone healing
17 Dec 18
Kuros ends transformational year with first MagnetOs sales, lead clinical program on track, and successful capital raise

Kuros ends transformational year with first MagnetOs sales, lead clinical program on track, and successful capital raise

  • Successfully raised CHF 16.1 million from existing and new investors
  • Funding secured for fibrin-PTH Phase II in spinal fusion, a huge commercial opportunity
  • First sales of MagnetOs in US and Europe, commercial roll-out on track
  • New CFO and CMO bring solid financial and clinical experience to management 

Schlieren (Zurich), Switzerland, December 17, 2018 – Kuros Biosciences (SIX: KURN) has completed a transformational year, having realized first sales of its MagnetOs bone graft substitute in the U.S. and Europe and raised capital to support the roll-out of MagnetOs, and fund the Phase II clinical trial of fibrin-PTH (KUR-113) in spinal fusion.

 

Kuros raised gross proceeds of CHF 16.1 million from a capital increase on December 13, which will enable it to advance its pipeline, in particular the Phase II clinical study of its proprietary KUR-113 product in spinal fusion, and to progress commercialization of MagnetOs in the U.S. and selected geographies in Europe.

 

The Phase II study of KUR-113 is scheduled to start enrolling patients in Q2 2019 with an anticipated interim readout by the second half of 2020.

 

The Kuros team has also been strengthened with two new appointments. Michael Grau joined as Chief Financial Officer, bringing extensive experience in corporate financing and auditing in private and public companies and a strong operational background. Pascal Longlade, M.D., joined as Chief Medical Officer, bringing more than 20 years international experience in clinical research and development with leading pharmaceutical, biotech and medical device companies.

 

Joost de Bruijn, Ph.D., Chief Executive Officer of Kuros, said: “We have made excellent progress on our new course in 2018 and have a strong team in place to take the company forward. The recent capital raise adds to those solid foundations and allows us to build on that success. The first sales of MagnetOs are a realization of the hard work and dedication the Kuros team has put in and we are now focusing on the commercial roll-out, which is proceeding well. On top of that, we are pushing on with the exciting Fibrin-PTH program. Largely de-risked in successful trauma trials, it targets an important medical need in spinal fusion, which represents a significant commercial opportunity.”



Kuros Biosciences AG
Wagistrasse 25, 8952 Schlieren, Switzerland
Tel: +41 44 733 47 47   Fax: +41 44 733 47 40   Email: info@kurosbio.com

About Kuros

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  1. MagnetOs

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  2. Spinal fusion
    KUR-113
  3. Fracture repair
    KUR-111
    KUR-113
  4. Surgical Sealants
    Neuroseal (KUR-023)

Technologies

  1. Surface Science Technology
  2. Fibrin-Based
  3. Synthetic Cross-Linking Technology
  4. Immune Modulation

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  2. Business Development

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Article
17 Dec 18
Kuros ends transformational year with first MagnetOs sales, lead clinical program on track, and successful capital raise

Kuros ends transformational year with first MagnetOs sales, lead clinical program on track, and successful capital raise

  • Successfully raised CHF 16.1 million from existing and new investors
  • Funding secured for fibrin-PTH Phase II in spinal fusion, a huge commercial opportunity
  • First sales of MagnetOs in US and Europe, commercial roll-out on track
  • New CFO and CMO bring solid financial and clinical experience to management 

Schlieren (Zurich), Switzerland, December 17, 2018 – Kuros Biosciences (SIX: KURN) has completed a transformational year, having realized first sales of its MagnetOs bone graft substitute in the U.S. and Europe and raised capital to support the roll-out of MagnetOs, and fund the Phase II clinical trial of fibrin-PTH (KUR-113) in spinal fusion.

 

Kuros raised gross proceeds of CHF 16.1 million from a capital increase on December 13, which will enable it to advance its pipeline, in particular the Phase II clinical study of its proprietary KUR-113 product in spinal fusion, and to progress commercialization of MagnetOs in the U.S. and selected geographies in Europe.

 

The Phase II study of KUR-113 is scheduled to start enrolling patients in Q2 2019 with an anticipated interim readout by the second half of 2020.

 

The Kuros team has also been strengthened with two new appointments. Michael Grau joined as Chief Financial Officer, bringing extensive experience in corporate financing and auditing in private and public companies and a strong operational background. Pascal Longlade, M.D., joined as Chief Medical Officer, bringing more than 20 years international experience in clinical research and development with leading pharmaceutical, biotech and medical device companies.

 

Joost de Bruijn, Ph.D., Chief Executive Officer of Kuros, said: “We have made excellent progress on our new course in 2018 and have a strong team in place to take the company forward. The recent capital raise adds to those solid foundations and allows us to build on that success. The first sales of MagnetOs are a realization of the hard work and dedication the Kuros team has put in and we are now focusing on the commercial roll-out, which is proceeding well. On top of that, we are pushing on with the exciting Fibrin-PTH program. Largely de-risked in successful trauma trials, it targets an important medical need in spinal fusion, which represents a significant commercial opportunity.”