Kuros Biosciences is a developer of next-generation bone graft technologies and spinal fusion biologics. Its first commercial product, MagnetOs, is a synthetic bone graft that has been used in over 10,000 spinal fusion surgeries across three continents. The company’s pipeline includes Fibrin-PTH, described as the first drug-biologic combination for interbody spinal fusions, currently in a Phase 2 clinical trial in the U.S. Kuros intends to use recent financing to cover results of the Phase 2 trial and to complete preparatory work for a Phase 3. Management says the financing will also support continuing clinical development of MagnetOs and its accelerating commercialization. The company completed a private placement to extend its operating runway into the second quarter of 2024. Kuros Biosciences (SIX: KURN), based in Schlieren (Zurich), Switzerland, develops bone-regeneration technologies including Fibrin-PTH (KUR-113) and commercializes its lead product MagnetOs. Fibrin-PTH is described as a technology that delivers targeted and controlled bone formation. The company has initiated the STRUCTURE Phase 2 study with Fibrin-PTH, the first investigational trial of a drug biologic bone graft for spinal fusion. Sales of lead product MagnetOs are accelerating, according to the company. Kuros completed an upsized capital increase that raised total gross proceeds of CHF 18.6 million, supported by long-term existing shareholders and new institutional investors, which the company says reinforces its financial position. The company received industry recognition in 2020, winning the Spine Technology Award from Orthopedics This Week and another award from GHP Magazine. Kuros Biosciences develops and commercializes surgical and regenerative-medicine products, including MagnetOs Granules, MagnetOs Putty, Neuroseal and ongoing Fibrin-PTH development programs. The company completed an at-market rights offering and the exercise of an over-allotment option, raising CHF 16.9 million from the sale of 1,351,606 shares at CHF 12.50 per share. Prior to the over-allotment, Kuros sold 1,151,606 shares raising CHF 14.4 million gross. The new shares were issued out of existing authorized share capital and the capital increase increased issued share capital by 18% to total share capital of CHF 7,800,929 comprising 7,800,929 registered shares. Proceeds will be used to prepare commercialization and market launches in the US and Europe, with MagnetOs Granules and Neuroseal launches expected in 2018 and MagnetOs Putty submitted for US clearance and expected to be submitted in the EU in the next months. The offering included a public offering in Switzerland and a private placement to qualified institutional investors outside Switzerland, with Zürcher Kantonalbank, goetzpartners and Octavian acting as joint placement agents. The first trading day for the new shares was expected on or around August 7, 2017. Kuros Biosurgery develops novel biomaterials and bioactive-biomaterial combination products focused on sealants and orthobiologics. Its most advanced sealant candidate, KUR-023, has completed European clinical development and is close to being CE marked. Lead orthobiologic candidates KUR-111 and KUR-113 met primary endpoints in large Phase II studies and are progressing toward Phase III. The company is led by CEO Didier Cowling and is headquartered in Zurich, Switzerland. Kuros will use newly raised funds to accelerate bringing sealant products to market and to advance its lead orthobiologic into the final stage of clinical testing. The company recently completed a financing round that increased available capital to support these near-term regulatory and clinical objectives.

Total raised

$49M

Funding rounds

4

Latest round

Equity

Latest activity

Sep 2022