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Kuros Biosciences announces successful CHF 6.0 million private placement

·3-min read

Kuros Biosciences AG / Key word(s): Miscellaneous

15-Sep-2022 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Schlieren (Zurich), Switzerland, September 15, 2022 – Kuros Biosciences AG (SIX:KURN) a leader in next generation bone graft technologies, announced today the successful completion of a CHF 6.0 million capital increase through a private placement of 3,750,000 new shares of Kuros with a par value of CHF 0.10 each (the "New Shares" and the "Placement", respectively).

The New Shares have been placed at a price of CHF 1.60 each, including nominal value and share premium (the "Subscription Price").

"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 Alpha Capital AG, Zurich, Switzerland.

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.

Pursuant to applicable Swiss law, the capital increase has been implemented out of the Kuros' authorized share capital pursuant to article 3d of the articles of association. In order to raise this capital in a quick and flexible manner, the subscription rights of existing shareholders have been excluded.

The Subscription Price represents a discount of 10.1% on the closing market price, respectively 5.6% on the 14 days VWAP (Volume Weighted Average Price) of the Company’s shares on SIX Swiss Exchange on the last trading day preceding the closing date of the Offering, i.e. CHF 1.78 (market price), respectively 1.69 CHF (14 days VWAP) on September 14, 2022.

The listing and first day of trading of the new registered shares on the SIX Swiss Exchange are expected to take place on September 16, 2022. The New Shares will carry immediate dividend and voting rights.

For further information, please contact:

Kuros Biosciences AG 
Michael Grau
Chief Financial Officer
Tel +41 44 733 47 47

michael.grau@kurosbio.com

LifeSci Advisors 
Sandya von der Weid
Media & Investors
+41 78 680 05 38

svonderweid@lifesciadvisors.com

About Kuros Biosciences AG
Kuros Biosciences is a fast-growing leader in the development of spinal fusion biologics that ease the burden of back pain. With locations in the United States, Switzerland and the Netherlands, the company is listed on the SIX Swiss Exchange.  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. For more information on the company, its products and pipeline, visit kurosbio.com.

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.


End of Inside Information

Language:

English

Company:

Kuros Biosciences AG

Wagistrasse 25

8952 Schlieren

Switzerland

Phone:

+41 44 733 4747

Fax:

+41 44 733 4740

E-mail:

info@kurosbio.com

Internet:

www.kurosbio.com

ISIN:

CH0325814116

Valor:

32581411

Listed:

SIX Swiss Exchange

EQS News ID:

1442853


 

End of Announcement

EQS News Service

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