Kuros Biosciences has announced the final number of gross proceeds from the Rights Offering and Share Offering, first announced on November 19, 2019. Total gross proceeds raised from the Capital Increase amount to CHF 12.5 million. The proceeds will be used for the commercialization of the products and the further development of product candidates.
Kuros Biosciences is focused on the development of innovative products for tissue repair and regeneration. The Company is listed according to the International Reporting Standard on the SIX Swiss Exchange. On 19 November the company announced a capital increase aiming to raise CHF12 million.
Following the rights exercise period, 4,079,548 new registered shares for which subscription rights were not exercised were placed in the Share Offering, which was oversubscribed to eligible institutional investors or others. Combined with the 2,325,474 new registered shares, which were validly subscribed for in the Rights Offering, the total number of new registered shares placed in the Offering at the Offer Price of CHF 1.95 per share amounts to 6,405,022. Total gross proceeds raised from the Capital Increase amount to CHF 12.5 million.
Kuros intends to use the net proceeds of the Offering in its discretion for the commercialization of its products and the further development of its product candidates. The listing and First Day of Trading of the new registered shares on the SIX Swiss Exchange and the delivery of the new registered shares against payment of the Offer Price are expected to take place on December 6, 2019.
(Press release)
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