EQS-Adhoc

Kuros Biosciences AG: valuationLAB Initiates Research Coverage on Kuros

EQS Group-Ad-hoc: Kuros Biosciences AG / Key word(s): Research Update
Kuros Biosciences AG: valuationLAB Initiates Research Coverage on Kuros

28.06.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

valuationLAB Initiates Research Coverage on Kuros

Schlieren (Zurich), Switzerland, June 28, 2016 - Kuros Biosciences Ltd
("Kuros") today announced that independent life science research boutique
valuationLAB has issued its first report on Kuros. The research analyst
estimates a current risk-adjusted net present value (NPV) for the Company's
late-stage development pipeline of CHF 55 per share. The valuation is based
on the three most advanced programs in surgical sealants and
orthobiologics. valuationLAB sees significant upside should Kuros
successfully execute on its strategy to advance its other pipeline
opportunities.

valuationLAB's Senior Healthcare Analyst Bob Pooler commented: "Kuros lead
projects target sizeable market opportunities in surgical sealants and
orthobiologics. We expect combined peak sales for the three most advanced
candidates to pass CHF 1 billion. These projects have met the primary
endpoint in all the clinical trials in which they have been tested in over
400 patients."

The risk-adjusted NPV of CHF 55 per share is calculated based on an in-
depth analysis of Kuros' most advanced product candidates including 1)
KUR-023, a dural membrane sealant, which is expected to reach the EU and US
markets in 2017 and 2020, respectively. Peak sales as an adjunct to
suturing in brain and spinal surgery are estimated at CHF 100+ million; 2)
KUR-111, a bone graft substitute, which is expected to be launched in 2022
and to reach peak sales of CHF 600 million, could become the new gold
standard bone graft; and 3) KUR-113 for bone fracture healing, for which
market launch is expected in 2022 with potential peak sales of CHF 300+
million.

In its current risk-adjusted NPV, valuationLAB does not include earlier
stage pipeline projects or the legacy Cytos projects partnered to Checkmate
Pharmaceuticals, Arbutus Biopharma and Pfizer, which provide significant
upside potential, the latter without any further funding requirements.

Kuros' current cash position is expected to be sufficient 1) to obtain the
CE mark and subsequent launch of KUR-023 in Europe; 2) to conduct a second
clinical trial for KUR-023 in support of a premarket approval (PMA)
application to obtain US approval; and 3) to prepare pivotal phase III
development for both KUR-111 and KUR-113. According to valuationLAB,