EQS-Adhoc

Kuros Biosciences Reports Financial Results for 2015

EQS Group-Ad-hoc: Kuros Biosciences AG / Key word(s): Final Results
Kuros Biosciences Reports Financial Results for 2015

26.04.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

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Kuros Biosciences Reports Financial Results for 2015

- Three extraordinary one-time factors lead to positive result for 2015

- Debt-free balance sheet after mandatory conversion of bonds and
settlement with convertible loan note holders

- Two partnering agreements signed for CYT003 and the VLP technology with
Checkmate for the treatment of cancer and with Arbutus for the
treatment of hepatitis B infections

- Business combination with Kuros Biosurgery closed in January 2016
creating future leader in tissue repair and regeneration

Schlieren (Zurich), Switzerland, April 26, 2016 - Kuros Biosciences Ltd.
("Kuros") today announced its financial results for 2015. The Company
reported a net income of CHF 6.23 million, largely as a result of three
extraordinary, non-operative and one-time effects: (i) markedly higher
income from partnering, mainly driven by Novartis' buy-out of CAD106; (ii)
significantly reduced operating costs due to the discontinuation of
research and development activities; and (iii) higher financial income as a
result of the elimination of all outstanding debt, namely the mandatory
conversion of all convertible bonds into equity and the repayment and
partial waiver of claims by the convertible loan note holders. These
transactions completed the restructuring of the balance sheet of the
Company, paving the way for the business combination of Cytos Biotechnology
Ltd and Kuros Biosurgery Holding Ltd. The combination was structured by way
of an exchange of Kuros Biosurgery Holding Ltd shares for newly issued
Cytos Biotechnology Ltd shares. The acquisition closed on January 18, 2016
and created the basis for a future leader in the field of tissue repair and
regeneration.

"Last year's result reflects the effects of three extraordinary items, some
of which were non-operational and had a one-time effect. Most importantly,
we completed the restructuring of our balance sheet by eliminating all
debt, thereby regaining full flexibility in our search for a strategic
partner in 2015," commented Harry Welten, Chief Financial Officer and
member of the Board of Directors of Kuros Biosciences. "In January 2016, we
acquired Kuros Biosurgery Holding AG, a private-held spin-off from the ETH
Zurich, to rejuvenate our asset base. Together, we endeavor to make Kuros