Kuros Biosciences Reports Results for First Half 2020

  Financial and Operational Highlights

• CHF 16.0 million cash & cash equivalents, trade and other receivables as at June 30, 2020
  
  
• Revenues increased to CHF 1.3 million driven by strong MagnetOs sales, up 42% versus H1 2019
  
  
• Net operating costs of CHF 7.5 million led by higher marketing expenses
  
  
• Several trial sites activated for the Fibrin-PTH phase II clinical study, ready to enroll patients
  
  
• Strengthened Fibrin-PTH IP estate with U.S. patent covering PTH containing matrices for spinal fusion
  
  
• MagnetOs preclinical data demonstrate superiority to market-leading synthetic bone grafts in spinal fusion
  
  
• Positive clinical outcomes from investigator-led clinical study of MagnetOs

ZURICH, Switzerland, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Kuros Biosciences, a leader in next generation bone graft technologies, today reported its results for the first half year 2020. Despite the adverse impact of COVID-19 on elective surgery, Kuros accelerated sales of its lead product MagnetOs, which increased by 42% compared to the same period last year. In addition, the clinical development of Fibrin-PTH (KUR-113) continued apace, with several sites initiated in the STRUCTURE Phase II clinical study and ready to begin enrolling patients.

Joost de Bruijn, Chief Executive Officer, said: “In the first half of 2020, we achieved impressive growth in product sales, despite COVID-19 related disruptions to elective surgery in this period. This is an important step towards establishing our MagnetOs bone grafts as standard of care. Based on feedback from leading spine surgeons, we are confident that MagnetOs is best-in-class and has the potential to capture substantial revenue in the $2.2 billion bone grafting market.”

De Bruijn added: “We continue to advance the Fibrin-PTH program in spinal fusion. Three sites are already activated for the Phase II trial for single level transforaminal lumbar interbody fusion (TLIF) procedures in patients with degenerative disc disease and the first patient is expected imminently. This program is particularly exciting as it represents a substantial commercial opportunity. Growing global awareness and interest in Fibrin-PTH is evident as the lead investigator of our STRUCTURE clinical trial, Dr. J Chi, recently opened the Korean American Spine Society meeting with a presentation on Fibrin-PTH.”