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."
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.
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
Chief Executive Officer
For Media Enquires:
Citigate Dewe Rogerson
David Dible, Sylvie Berrebi
SOURCE Kuros Biosciences