ZURICH, Switzerland,
January 20, 2016 /PRNewswire/ --
Kuros Biosciences Ltd. (SIX:KURN formerly CYTN) ("Kuros") today
announced the closing of the acquisition of Kuros Biosurgery
Holding Ltd. and the change of name of the combined company to
Kuros Biosciences Ltd. Starting 20 January
2016 all 508'432'244 Kuros Biosciences Ltd. shares are
listed and freely tradable under the ticker symbol KURN on the SIX
Swiss Exchange under the International Reporting Standard and
include all former 108'015'276 Cytos Biotechnology AG shares, which
remain listed and freely tradable under the unchanged ISIN number
(CH0011025217).
Christian Itin, Chairman of
Kuros Board of Directors, stated:
"We are pleased with the successful closing of the business
combination and welcome our new shareholders. Kuros' product
candidates address important markets in wound care and bone
regeneration. We are excited about the potential to create
long-term value for shareholders."
Didier Cowling, CEO of Kuros,
commented: "Kuros has a diversified and clinically tested product
pipeline with significant revenue potential in attractive markets.
This combination provides us with access to the public capital
markets and thereby achieves a key step in Kuros' development."
About Kuros
Kuros is developing innovative products for tissue repair and
regeneration. The company is a spin-off of the Swiss Federal Institute of Technology and is
focused in the areas of medical sealants and bone healing
(orthobiologics). Kuros' most advanced product candidate has been
designed to allow for rapid sealing of surgical incisions. The lead
indication is sealing of the dural membrane after brain or spinal
surgery. The product candidate is called KUR-023 and a European
clinical study has been successfully completed. The company is
aiming at obtaining a CE mark for commercialization in Europe in 2017. Kuros is planning a second
clinical study to support approval for the product in the US.
Kuros' second class of product candidates is designed to generate
bone tissue for difficult to heal fractures and to stabilize the
spine. Kuros' most advanced bone healing product candidates are
KUR-111 and KUR-113, both of which have been tested in large,
controlled Phase 2b clinical trials demonstrating efficacy by
meeting the studies' primary endpoints. KUR-111 and KUR-113 share
the same biologically active agents and have been tested in
clinical trials involving over 380 patients to date exhibiting an
excellent safety profile.
Kuros (formerly known as Kuros Biosurgery Holding Ltd.)
announced in November 2015 the
completion of a financing of over CHF20
million that the company expects to provide adequate
financing to bring KUR-023 to market in both Europe and the US. Moreover, this
financing will allow the company to prepare for a Phase 3 study
with its lead product candidate for bone healing, KUR-111.
In 2015, Kuros (under the name Cytos Biotechnology Ltd.) entered
into two exclusive license agreements in different fields with
pharmaceutical partners namely (i) an exclusive license agreement
granting Arbutus Biopharma Corp.(NASDAQ: ABUS) (formally known as
OnCore Biopharma) access to Kuros' clinically
validated virus -like particle (VLP) platform for
use in the treatment and
prevention of hepatitis B viral
infections and (ii) an exclusive license agreement in the
field of oncology granting Checkmate Pharmaceuticals LLC exclusive
access to Kuros' clinically validated product candidate CYT003 as
well as its VLP platform and to technology related to
oligonucleotide synthesis.
For both collaborations, Kuros may receive development
milestones and may receive up to double digit royalties on net
sales from successfully developed products.
Legal Notice:
This media release is not an offer to sell, or a solicitation
of an offer to purchase, any securities of Kuros
Biosciences Ltd (formerly Cytos Biotechnology
Ltd.) nor shall it or any part of it form the
basis of, or be relied on in connection with any contract or
investment decision. This announcement is not for publication or
distribution (directly or indirectly) in or to the United States, Canada, Australia, Japan or any other jurisdiction in which such
distribution might be unlawful. This media release is no
listing or offering prospectus or related document.
The shares of Kuros Biosciences Ltd (formerly
Cytos Biotechnology Ltd.) are only listed at SIX
Swiss Exchange, Switzerland, and are not and
will not be registered in any other jurisdiction,
including the countries mentioned in the preceding
sentence.
This media release contains certain forward-looking
statements that involve risks and uncertainties that could cause
actual results to be materially different from historical results
or from any future results expressed or implied by such
forward-looking statements. You are urged to consider statements
that include the words "will" or
"expect" or the negative of those words or
other similar words to be uncertain and forward-looking. Factors
that may cause actual results to differ materially from any future
results expressed or implied by any forward-looking statements
include scientific, business, economic and financial factors,
Against the background of these uncertainties, readers should not
rely on forward-looking statements. Kuros Biosciences
Ltd. does not assume any
responsibility for updating forward-looking statements or
adapting them to future events or developments.
For further information, please contact:
Kuros Biosciences Ltd.
Harry Welten, MBA
Chief Financial Officer
Tel: +41-44-733-46-46
E-mail: harry.welten@kuros.ch
Didier Cowling
Chief Executive Officer
Tel: +41-44-200-56-10
E-mail: didier.cowling@kuros.ch
For Media Enquires:
Citigate Dewe Rogerson
David Dible, Sylvie Berrebi
david.dible@citigatedr.co.uk
+44(0)207-638-9571
SOURCE Kuros Biosciences