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Kuros prepares for commercialization of its lead products and considers share placement
Kuros Biosciences, a late-stage life sciences company focusing primarily on innovative orthobiologics, today announced that it is preparing the commercialization of its first two products: MagnetOs, an innovative synthetic bone graft substitute recently approved in the US and Europe, and Neuroseal, a novel dural sealant expected to be approved in Europe in 2017. In order to maximize the commercial opportunity of these products, Kuros is evaluating options to raise additional funds including a potential placement of new shares.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN
Schlieren (Zurich), Switzerland, May 16, 2017
“Kuros prepares for commercialization of MagnetOs in the US and in Europe. MagnetOs is an innovative synthetic bone graft substitute approved in the US and EU,” said Dr. Ivan Cohen-Tanugi, Chief Executive Officer of Kuros.
Kuros’ portfolio combines innovative orthobiologics, including MagnetOs and growth factor-based biologics. In addition, Kuros has recently submitted for marketing approval for its dural sealant, Neuroseal, in Europe.
“Kuros is focusing on differentiated biologics and devices which improve patient and surgery outcomes. Kuros has been committed to generating strong scientific evidence to support the activity and benefit of its products,“ said Dr. Ivan Cohen-Tanugi, Chief Executive Officer of Kuros.
“The proceeds from a potential fund raising would support the Company’s commercial activities and fund the market launch of our innovative products. Both products are targeting attractive markets,” commented Harry Welten, Chief Financial Officer.
In relation to the potential capital increase for the transition into a commercial-stage business, Kuros is assisted by Zürcher Kantonalbank, goetzpartners Corporate Finance Ltd. and Octavian. The Company considers raising up to CHF 20 million. “The timing, final amount and structure of the fund raising will depend on market conditions and investors’ demand,” said Harry Welten, Chief Financial Officer.
About Kuros Biosciences Ltd
Kuros Biosciences is focused on the development of innovative products for tissue repair and regeneration and is located in Schlieren (Zurich), Switzerland. The Company is listed according to the International Financial Reporting Standard on the SIX Swiss Exchange under the symbol KURN. Visit www.kuros.ch for additional information on Kuros, its science and product pipeline.
Forward Looking Statements
This news 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.
Important Cautionary Statement
This news release is not for distribution, directly or indirectly, in or into the United States of America. The shares that are subject of the private placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. There will be no public offer of the shares in the United States of America.
This news release and the information contained herein are not, and under no circumstances are to be construed as, an advertisement or a public offering of securities in Canada or any province or territory thereof. Under no circumstances are this news release and the information contained herein to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon the merits of the investments described herein and any representation to the contrary is an offence.
For further information, please contact:
Kuros Biosciences Ltd
Harry Welten, MBA
Chief Financial Officer
Tel: +41 44 733 46 46