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Schlieren (Zurich), Switzerland, November 8, 2018 – Kuros Biosciences (SIX: KURN) (the Company) today announced that it will hold an Extraordinary General Meeting (EGM) of shareholders to seek approval to increase the Company’s ordinary share capital and to establish conditional capital. The EGM will be held at Kuros Biosciences AG, Wagistrasse 25, 8952 Schlieren, Switzerland on November 29, 2018 at 10.00am CET.
The share capital increase aims at raising approximately CHF 16 – 20 million to advance research, development and marketing of the Company’s key products. Specifically, the Company seeks approval from shareholders for an increase of the ordinary share capital of up to CHF 4.3 million for the issuance of up to an additional 4.3 million shares and to establish conditional capital of CHF 1.7 million for the issuance of up to 1.7 million shares.
The use of proceeds from a capital increase aims to enable the Company to advance the phase 2 clinical study of its proprietary fibrin-PTH (KUR-113) product in spinal fusion and to progress commercialization of MagnetOs bone graft substitute in the U.S. and selected geographies in Europe.
The phase 2 study of KUR-113 is scheduled to start enrolling patients in 2019 with an anticipated interim readout by the second half of 2020. The Company’s management is convinced that KUR-113 targets an important medical need in spinal fusion patients and represents a significant commercial opportunity.
Several large existing shareholders as well as new investors have indicated their interest in participating in a potential equity financing. The final terms of the financing 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. In light of the planned capital increase, the Company will abstain from further draw-downs of its Standby Equity Distribution Agreement.
Mirabaud and Octavian are acting as advisors to the Company.
The EGM invitation can be downloaded via the following links:
For further information, please contact:
Kuros Biosciences AG
Chief Financial Officer
Tel +41 44 733 47 47
Media & Investors
+41 79 598 7149
About Kuros Biosciences AG
Kuros Biosciences (SIX:KURN) is focused on the development of innovative products for bone regeneration and is located in Schlieren (Zurich), Switzerland and Bilthoven, The Netherlands. Visit www.kuros.18a.co for additional information on Kuros, its people, 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. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.
THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IT IS NOT BEING ISSUED IN COUNTRIES WHERE THE PUBLIC DISSEMINATION OF THE INFORMATION CONTAINED HEREIN MAY BE RESTRICTED OR PROHIBITED BY LAW. IN PARTICULAR, THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA, UNITED KINGDOM AND OTHER MEMBER STATES OF THE EUROPEAN ECONOMIC AREA. THIS DOCUMENT SHOULD IN PARTICULAR NOT BE DISTRIBUTED TO THE US-ADDRESSES OF UNITED STATES PERSONS OR TO PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. EVERY CONTRAVENTION OF THESE RESTRICTIONS MAY CONSTITUTE A BREACH OF THE RESPECTIVE SECURITIES LAWS OF THE COUNTRIES MENTIONED ABOVE. IN PARTICULAR, THE SECURITIES OF KUROS BIOSCIENCES AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS. SECURITIES OF KUROS BIOSCIENCES AG ARE NOT BEING OFFERED TO THE PUBLIC OUTSIDE OF SWITZERLAND.