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Life Science | 2018-04-30
Kuros Biosciences Reports Full-Year 2017 Results

Financial highlights

  • CHF 17.0 million cash at year-end
  • CHF 16.9 million equity raise in June 2017
  • Standby equity facility established in November 2017 to increase financial flexibility

Operational highlights

  • Successful completion of merger with Xpand Biotechnology creating a leader in orthobiologics
  • FDA approvals for MagnetOs Granules & Putty
  • Prepared for U.S. launch of MagnetOs by end of June 2018
  • Clinical development of Fibrin-PTH for spinal fusion on track

SCHLIEREN (Zurich), Switzerland, April 30, 2018 (GLOBE NEWSWIRE) -- Kuros Biosciences (SIX:KURN) reported today its Full-Year 2017 Results, and the publication of its annual report.

2017 has been a transformative year for Kuros Biosciences, which successfully transitioned into a full-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration. MagnetOs Granules and MagnetOs Putty have been cleared by the U.S. Food and Drug Administration, and the Company is gearing up for their U.S. commercial launch in 2018.

As a technology leader in synthetic and drug-based bone regeneration, Kuros is well-positioned to capture the commercial opportunity in the orthobiologics market, which is estimated to grow to more than $3 billion by 2030. Kuros intends to initially focus on spinal fusion, which represents 50% of the total orthobiologics market.

Joost de Bruijn, Chief Executive Officer, said: “During 2017 we successfully set Kuros on a new course – one that is focused on cutting-edge orthobiologics, an important commercial opportunity. Our international team has responded with verve to our ongoing commercial transition, embracing their new challenges. As a result, we are well-positioned to execute on the commercial roll-out plan for MagnetOs in the U.S. and drive forward our exciting clinical program with Fibrin-PTH in spinal fusion, which represents a huge opportunity.”

Financial position

Cash and cash equivalents (including financial assets and trade and other receivables) as per December 31, 2017, amounted to CHF 17.0 million, compared with CHF 13.0 million as per December 31, 2016. The increase is mainly due to capital increases which off-set net operating cash. In 2017, Kuros received a milestone payment of TCHF 534 (TCHF 997 in 2016) from a collaboration partner. Operating costs for 2017 amounted to CHF 16.8 million, compared with CHF 22.4 million in the previous year. Research and development expenses decreased from CHF 7.9 million in 2016 to CHF 4.5 million in 2017. General and administrative expenses decreased from CHF 17.1 million in 2016 to CHF 15.2 million in 2017.

During 2017, Kuros raised CHF 16.9 million in equity, and put a CHF 30 million equity financing facility in place to provide the Company with more financial flexibility. 

Key figures

 

2017

2016

In TCHF, IFRS

 

 

 

Revenue

 

534

1,061

Research and development

 

(4,470)

(7,909)

General and administration

 

(15,242)

(17,070)

Other income

 

2,935

2,572

Net operating costs

 

(16,777)

(22,407)

Operating income/(loss)

 

(16,243)

(21,346)

Net financial income/(loss)

 

(350)

1,069

Net income/(loss)

 

(16,484)

(19,744)

Net income/(loss) per share (in CHF)

 

(2.32)

(3.95)

Cash and cash equivalents, financial assets

And trade and other receivables

 

17,024

13,034

Outlook
In 2018, the Company aims to capitalize on the restructuring as it executes on its renewed focus on orthobiologics. This includes setting-up a U.S. commercial infrastructure to support the U.S. launch of MagnetOs, as well as the preparation of a Phase 2 clinical study for our drug-based Fibrin-PTH product candidate KUR-113 for spinal indications.

Annual report
The annual report of Kuros Biosciences is available online at
www.kuros.ch/investors/reports-presentations.html.

For further information, please contact:

Kuros Biosciences AG
Michael Grau
Chief Financial Officer
Tel +41 44 733 47 47
michael.grau@kurosbio.com

Media & Investors
Hans Herklots
LifeSci Advisors
+41 79 598 7149
hherklots@lifesciadvisors.com

 

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.kurosbio.com for additional information on Kuros, its people, science and product pipeline.

 


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2018-04-30
Kuros Biosciences Reports Full-Year 2017 Results
 
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