Kuros Biosciences AG, a leader in next generation bone graft technologies, completed a CHF 6.0 million capital increase through a private placement of 3,750,000 new shares of Kuros. The fundraising extends the runway into 2024.
Kuros Biosciences develops spinal fusion biologics that ease the burden of back pain. The company’s first commercial product, MagnetOs, is a unique synthetic bone graft that has already been used successfully across three continents and in over 10,000 spinal fusion surgeries. The next candidate in the Kuros pipeline is Fibrin-PTH – the first drug-biologic combination for interbody spinal fusions, currently undergoing a Phase 2 clinical trial in the U.S.
“Successfully completing this private placement provides Kuros with the ability to extend its operating runway into the second quarter of 2024, covering results of the Phase 2 trial of Fibrin-PTH in spinal fusion and enabling us to complete the preparatory work for Phase 3 with this program,” said Joost de Bruijn, Chief Executive Officer of Kuros. “It will also support continuing clinical development of our MagnetOs bone graft and its accelerating commercialization.”
The Placement was implemented with two investors, namely Optiverder B.V., Delft, The Netherlands and Pegasus Global Opportunity Fund Ltd., a fund domiciled in the British Virgin Islands managed by Swiss-based Alpha Capital AG.
The New Shares represent 11.4% of the Company’s share capital prior to the Placement on a non-diluted basis. Following the registration of the capital increase by the commercial register of Zurich, expected to occur on September 15, 2022, the Company’s share capital will be composed of 36,561,378 shares with a nominal value of CHF 0.10 each.
(Press release / SK)
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