Kuros Biosciences Reports Results for First Half 2023

Financial Highlights

• Direct MagnetOs sales increased by 148% from CHF 4.9 million to CHF 12.2 million, total revenue from medical devices rose from CHF 5.7 million to CHF 12.9 million
• Medical Devices segment achieved a positive EBITDA of CHF 2.2 million driven by MagnetOs
• Cash & cash equivalents amounted to CHF 16.9 million, funds available (including trade, and other receivables) totaled at CHF 22.0 million as of June 30, 2023

Operational Highlights

• Accelerated commercial roll-out of MagnetOs in the U.S. on track
• Key efficacy data on MagnetOs bone graft published in two prestigious, peer-reviewed scientific journals
• In the first half of 2023, Kuros engaged into a limited, non-exclusive sales agency agreement with a top 3 spine company to represent our MagnetOs product line in selected geographies
• Daniel Geiger appointed as Chief Financial Officer

Outlook

• With reaching the 12-month endpoint of the randomized part of Phase 2 clinical study of Fibrin-PTH in spine fusion at the end of 2023, we expect to report the results early 2024

ZURICH, SWITZERLAND / ACCESSWIRE / August 9, 2023 / Kuros Biosciences ("Kuros" or the "Company"), a leader in next generation bone graft technologies, today reported a 148% growth in MagnetOs direct sales in the first six months of 2023. The enrollment of patients in the Phase II spine study for Fibrin-PTH was completed, confirming the successful transition into a fully-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration. Total revenue from medical devices increased by 126% to CHF 12.9 million (vs first half 2022: CHF 5.7 million), corresponding to 131% growth on a constant currency basis.

Joost de Bruijn, Chief Executive Officer, said: "The first half of this year has seen Kuros pushing ahead strongly with our commercialization of MagnetOs, through which we are successfully providing bone graft treatment to thousands of patients in need worldwide. We continue to achieve impressive sales growth and remain well funded to advance the commercial launch of MagnetOs in the U.S. as planned. We are continuing to develop our portfolio with Fibrin-PTH, a product candidate with the potential to address a market opportunity worth more than two billion dollars. The Phase 2 clinical trial evaluating Fibrin-PTH in spine is progressing well and we expect to communicate the initial data readout in early 2024, which we expect will be an exciting next step for Kuros."