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Schlieren (Zurich), Switzerland, August 11, 2021 – Kuros Biosciences, a leader in next generation bone graft technologies, today reported its results for the first half of 2021. Kuros accelerated its product sales by 279% compared to the same period last year. In addition, it received CHF 5.5 million in milestone payments from Checkmate Pharmaceuticals.
Key developments in H1 2021
Cash and cash equivalents (including trade and other receivables) amounted to CHF 29.4 million as per June 30, 2021, compared with CHF 29.8 million as per December 31, 2020.
|Key figures||H1 2021||H1 2020|
|In 000’CHF, IFRS|
|Cost of goods sold||(1,901)||(1,194)|
|Research and development costs||(2,505)||(2,084)|
|General and administrative costs||(2,755)||(2,438)|
|Sales and marketing costs||(3,492)||(2,069)|
|Net operating costs||(8,634)||(6,473)|
|Net financial result||311||-130|
|Net loss per share (in CHF)||-0.01||-0.26|
|Cash and cash equivalents, trade and other receivables||29,400||29,790|
Kuros believes it is well placed to grow its revenues and expects product sales for the full year 2021 to be well above CHF 8.0 million. Cash inflow from collaborations for the full year are expected to be up to CHF 12.0 million.
The first arm of the Phase II study of Fibrin-PTH is expected to be enrolled in the second half of 2021. The full 50 patients are expected to be enrolled in Q1 2022.
The half year report is available via the following link:
For further information, please contact:
|Kuros Biosciences AG||LifeSci Advisors|
|Michael Grau||Mary-Ann Chang|
|Chief Financial Officer||Investors|
|Tel +41 44 733 47 47||+44 7483 284 853|
MagnetOs bone graft has an advanced submicron surface topography which 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 more than three years of clinical experience since its launch in the United Kingdom in May 2017. For more information, see: www.magnetosbonegraft.com
US indications statement
MagnetOs is an implant intended to fill bony voids or gaps of the skeletal system, i.e., posterolateral spine. MagnetOs must be used with autograft as a bone graft extender in the posterolateral spine. These osseous defects may be surgically created or the result of traumatic injury to the bone and are not intrinsic to the stability of the bony structure.
EU indications statement
MagnetOs is intended for use as bone void filler for voids and gaps that are not intrinsic to the stability of the bony structure. MagnetOs is indicated for use in the treatment of surgically created osseous defects or osseous defects resulting from traumatic injury to the bone. MagnetOs is intended to be packed into bony voids or gaps of the skeletal system (i.e. extremities, spine, cranial, mandible, maxilla and pelvis) and may be combined with autogenous bone. MagnetOs should not be used to treat large defects that in the surgeon’s opinion would fail to heal spontaneously. In load bearing situations, MagnetOs is to be used in conjunction with internal or external fixation devices.
About Kuros Biosciences AG
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 US and UK for use in posterolateral spinal fusions. Kuros’s lead product in development, Fibrin PTH, a drug-biologic combination for spinal interbody fusion, is entering a Phase II clinical trial in the US Kuros is located in Schlieren (Zurich), Switzerland, Bilthoven, the Netherlands and Burlington (MA), US Kuros is listed on the SIX Swiss Exchange under the symbol KURN. Visit www.kurosbio.com for additional information on Kuros, its science and product pipeline.
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. Kuros assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.