Targeted & controlled bone healing
05 Sep 18
Kuros Biosciences Reports Results for First Half 2018

MEDIA RELEASE

Kuros Biosciences Reports Results for First Half 2018

(Corrected Version, including link to Half Year Report)

http://kuros.ch/uploads/Reports_and_Presentations/2018HY1.pdf

 

 

Financial highlights

  • CHF 9.7 million cash at June 30
  • Operating expenses decreased to CHF 6.0 million
     

Operational highlights

  • First U.S. & European sales of MagnetOs
  • Commercial rollout in the U.S. and Europe on track
  • Preparation for Phase II clinical study of Fibrin-PTH in spine on track

Schlieren (Zurich), Switzerland,

September 5, 2018 – Kuros Biosciences has delivered on its targets in the first half of 2018, confirming its successful transition into a full-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration. Kuros has recorded first sales of MagnetOs in the U.S. and in Europe, and commercial rollout continues apace in both regions.

 

Joost de Bruijn, Chief Executive Officer, said: “We have successfully pursued the new course for Kuros in the first half of 2018, progressing on all fronts. We have realized the first sales from MagnetOs, an important milestone as we focus on the commercial opportunity of cutting-edge orthobiologics, and the commercial rollout is advancing on both sides of the Atlantic. Furthermore, we are driving forward the exciting clinical program with Fibrin-PTH in spinal fusion, which represents a huge commercial opportunity.”

 

Financial position

Cash and cash equivalents (including financial assets and trade and other receivables) as per June 30, 2018, amounted to CHF 9.7 million, compared with CHF 21.4 million as per June 30, 2017.

 

Operating expenses decreased to CHF 6.0 million (first half 2017: CHF 7.5 million) primarily due to lower non-cash expenses in connection with share-based payments. Expenses for research and development of CHF 3.1 million (CHF 2.2 million in the first half 2017) are mainly external costs for the preparation of the Phase II study (spine indication) of fibrin PTH, personnel expenses and depreciation of tangible assets. Expenses for general and administrative of CHF 4.1 million contained costs for personnel and other expenses for maintenance and administration. Revenues amounted to CHF 0.3 million (first half 2017: CHF 0.5 million) and originated primarily from a milestone payment related to the agreement with Checkmate. Furthermore, the commercial rollout of MagnetOs recognized its first sales. Other income was CHF 1.1 million (first half 2017: CHF 1.5 million) and mainly consisted of proceeds from sub-lease agreements. 

 

The net loss as per June 30, 2018 amounts to CHF 5.2 million, compared to CHF 7.0 million in the corresponding period in the first half of 2017. The primary reason for the substantial decrease of CHF 1.7 million are a substantial reduction in expenses for share-based payment and income tax effects.

 

Key figures

 

H1 2018

H1 2017

In TCHF, IFRS

 

 

 

Revenue

 

274

534

Research and development

 

(3,058)

(2,211)                              

General and administrative

 

(4,112)

(6,777)

Other income

 

1,125

1,522

Net operating costs

 

(6,045)

(7,466)

Operating income/(loss)

 

(5,787)

(6,932)

Net financial income/(loss)

 

(4)

(247)

Net income/(loss)

 

(5,247)

(6,970)

Net income/(loss) per share (in CHF)

 

(0.63)

(1.11)

Cash and cash equivalents, financial assets and trade and other receivables

 

9,650

21,417

 

 

Events after the reporting period

Kuros will issue 370,000 shares to former Xpand Biotechnology shareholders, a milestone related to the merger and triggered by the important CE mark certification in Europe for MagnetOs Putty, which today allows Kuros to commercialize MagnetOs Putty across Europe.

 

Outlook

Kuros’s products are advancing according to plan with MagnetOs Putty having received clearance for commercialization in the United States and recently having received CE mark in Europe followed by first commercial sales in the United States and Europe, in June 2018. Kuros is financed to initiate the commercialization of MagnetOs in the US and to prepare for the phase II clinical study of Fibrin-PTH in spine.



Kuros Biosciences AG
Wagistrasse 25, 8952 Schlieren, Switzerland
Tel: +41 44 733 47 47   Fax: +41 44 733 47 40   Email: info@kurosbio.com

About Kuros

  1. Overview
  2. Executive Committee
  3. Board
  4. Careers

Products

  1. MagnetOs

Pipeline

  1. Pipeline
  2. Spinal fusion
    KUR-113
  3. Fracture repair
    KUR-111
    KUR-113
  4. Surgical Sealants
    Neuroseal (KUR-023)

Technologies

  1. Surface Science Technology
  2. Fibrin-Based
  3. Synthetic Cross-Linking Technology
  4. Immune Modulation

Partnerships

  1. Collaborations
  2. Business Development

Investors

  1. Share price
  2. Regulatory filings
  3. Reports & Presentations
  4. Analysts
  5. Calendar
  6. Corporate governance
  7. Stay informed

News

  1. Press releases
  2. Conferences & Events

Contact

  1. Location
Article
05 Sep 18
Kuros Biosciences Reports Results for First Half 2018

MEDIA RELEASE

Kuros Biosciences Reports Results for First Half 2018

(Corrected Version, including link to Half Year Report)

http://kuros.ch/uploads/Reports_and_Presentations/2018HY1.pdf

 

 

Financial highlights

  • CHF 9.7 million cash at June 30
  • Operating expenses decreased to CHF 6.0 million
     

Operational highlights

  • First U.S. & European sales of MagnetOs
  • Commercial rollout in the U.S. and Europe on track
  • Preparation for Phase II clinical study of Fibrin-PTH in spine on track

Schlieren (Zurich), Switzerland,

September 5, 2018 – Kuros Biosciences has delivered on its targets in the first half of 2018, confirming its successful transition into a full-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration. Kuros has recorded first sales of MagnetOs in the U.S. and in Europe, and commercial rollout continues apace in both regions.

 

Joost de Bruijn, Chief Executive Officer, said: “We have successfully pursued the new course for Kuros in the first half of 2018, progressing on all fronts. We have realized the first sales from MagnetOs, an important milestone as we focus on the commercial opportunity of cutting-edge orthobiologics, and the commercial rollout is advancing on both sides of the Atlantic. Furthermore, we are driving forward the exciting clinical program with Fibrin-PTH in spinal fusion, which represents a huge commercial opportunity.”

 

Financial position

Cash and cash equivalents (including financial assets and trade and other receivables) as per June 30, 2018, amounted to CHF 9.7 million, compared with CHF 21.4 million as per June 30, 2017.

 

Operating expenses decreased to CHF 6.0 million (first half 2017: CHF 7.5 million) primarily due to lower non-cash expenses in connection with share-based payments. Expenses for research and development of CHF 3.1 million (CHF 2.2 million in the first half 2017) are mainly external costs for the preparation of the Phase II study (spine indication) of fibrin PTH, personnel expenses and depreciation of tangible assets. Expenses for general and administrative of CHF 4.1 million contained costs for personnel and other expenses for maintenance and administration. Revenues amounted to CHF 0.3 million (first half 2017: CHF 0.5 million) and originated primarily from a milestone payment related to the agreement with Checkmate. Furthermore, the commercial rollout of MagnetOs recognized its first sales. Other income was CHF 1.1 million (first half 2017: CHF 1.5 million) and mainly consisted of proceeds from sub-lease agreements. 

 

The net loss as per June 30, 2018 amounts to CHF 5.2 million, compared to CHF 7.0 million in the corresponding period in the first half of 2017. The primary reason for the substantial decrease of CHF 1.7 million are a substantial reduction in expenses for share-based payment and income tax effects.

 

Key figures

 

H1 2018

H1 2017

In TCHF, IFRS

 

 

 

Revenue

 

274

534

Research and development

 

(3,058)

(2,211)                              

General and administrative

 

(4,112)

(6,777)

Other income

 

1,125

1,522

Net operating costs

 

(6,045)

(7,466)

Operating income/(loss)

 

(5,787)

(6,932)

Net financial income/(loss)

 

(4)

(247)

Net income/(loss)

 

(5,247)

(6,970)

Net income/(loss) per share (in CHF)

 

(0.63)

(1.11)

Cash and cash equivalents, financial assets and trade and other receivables

 

9,650

21,417

 

 

Events after the reporting period

Kuros will issue 370,000 shares to former Xpand Biotechnology shareholders, a milestone related to the merger and triggered by the important CE mark certification in Europe for MagnetOs Putty, which today allows Kuros to commercialize MagnetOs Putty across Europe.

 

Outlook

Kuros’s products are advancing according to plan with MagnetOs Putty having received clearance for commercialization in the United States and recently having received CE mark in Europe followed by first commercial sales in the United States and Europe, in June 2018. Kuros is financed to initiate the commercialization of MagnetOs in the US and to prepare for the phase II clinical study of Fibrin-PTH in spine.