Targeted & controlled bone healing
19 Nov 19
Kuros announces the terms of the proposed capital increase through a discounted rights offering expected to raise up to CHF 12 million gross proceeds for the commercialization of its products and the further development of its product candidates

Not for release, publication or distribution in the USA, the United Kingdom, Canada, Japan, Australia or Member States of the European Economic Area ("EEA").

Kuros announces the terms of the proposed capital increase through a discounted rights offering expected to raise up to CHF 12 million gross proceeds for the commercialization of its products and the further development of its product candidates

Schlieren (Zurich), Switzerland, November 19, 2019 – Kuros Biosciences (SIX: KURN) (the Company or Kuros) at today’s Extraordinary General Meeting (EGM) of shareholders will seek approval for an increase of the ordinary share capital of up to CHF 6.0 million through the issuance of up to an additional 6.0 million shares.

 

Subject to the EGM's approval of the ordinary share capital increase, the Company's Board of Directors proposes that up to 6.4 million new registered shares sourced from the ordinary and authorized share capital will be offered to existing shareholders of Kuros at an offer price of CHF 1.95 per share. The capital increase shall be implemented through a discounted rights offering, in which existing shareholders will receive 1 right to pre-emptively subscribe for new registered shares (“Rights”) for each registered share they hold on November 21, 2019 (after market close). 5 Rights will entitle the holder of such Rights to subscribe to 2 new registered shares subject to certain restrictions under applicable local laws. As from November 22, 2019, registered shares of Kuros will trade “ex Rights”. The Rights will not be admitted to trading on SIX Swiss Exchange.

 

The Rights are expected to be exercisable from November 22 until December 2, 2019 12:00 noon CET. Shares for which Rights have not been validly exercised during this period may be sold in a subsequent offering to eligible institutional investors or others. The listing and the first day of trading of the new registered shares on SIX Swiss Exchange and the delivery of the new registered shares against payment of the offer price, are expected to take place on December 6, 2019. The offering and listing prospectus in connection with the rights offering will be published on or around November 20, 2019.

 

Kuros expects to raise a total amount of up to CHF 12 million gross proceeds through the rights offering, in line with its announcement of an approximately CHF 6 – 12 million capital increase on October 29, 2019. The Company intends to use the net proceeds of the Offering in its discretion for the commercialization of its products and the further development of its product candidates. Recently, at NASS, the leading spinal surgery meeting, data were presented demonstrating that MagnetOs significantly outperformed comparator products in achieving uniform, solid and stable spinal fusion.

 

Large existing shareholders as well as potential new investors have indicated their interest in participating in the equity financing. The final number of new registered shares issued and the gross proceeds raised via the capital increase will depend on, inter alia, the number of shares subscribed amongst existing and new equity investors. The capital increase will not be implemented if not at least CHF 4.0 million of gross proceeds are raised via the capital increase, which the Company requires to accelerate commercialization of MagnetOs bone graft substitute in the U.S. and selected geographies in Europe. If the gross proceeds of the Offering will be below CHF 12 million, the Company will have to delay the preparation of the Pivotal Phase III study for Fibrin-PTH (KUR-113) until the required funds are available.

 

Octavian is acting as Placement Agent and Helvetische Bank is acting as Settlement Agent to the Company.

 

Expected timetable for the rights offering

November 19, 2019:

Extraordinary General Meeting

November 20, 2019:

Publication of Prospectus

November 21, 2019:

After close of trading on SIX Swiss Exchange: cut-off date for determination of existing shareholders for the entitlement of Rights

November 22, 2019:

Start of rights exercise period

December 2, 2019:

12 noon CET: End of rights exercise period

After close of trading: Announcement of number of Offered Shares for which Rights have been exercised and number of Offered Shares offered in the Share Placement

December 3, 2019:

After close of trading: Announcement of final number of Offered Shares and gross proceeds from the Rights Offering and Share Placement

December 6, 2018:

Listing and First Day Trading of Offered Shares

Payment of Offer Price against Delivery of Offered Shares



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

News

  1. Press releases
  2. Conferences & Events

Contact

  1. Location
Article
19 Nov 19
Kuros announces the terms of the proposed capital increase through a discounted rights offering expected to raise up to CHF 12 million gross proceeds for the commercialization of its products and the further development of its product candidates

Not for release, publication or distribution in the USA, the United Kingdom, Canada, Japan, Australia or Member States of the European Economic Area ("EEA").

Kuros announces the terms of the proposed capital increase through a discounted rights offering expected to raise up to CHF 12 million gross proceeds for the commercialization of its products and the further development of its product candidates

Schlieren (Zurich), Switzerland, November 19, 2019 – Kuros Biosciences (SIX: KURN) (the Company or Kuros) at today’s Extraordinary General Meeting (EGM) of shareholders will seek approval for an increase of the ordinary share capital of up to CHF 6.0 million through the issuance of up to an additional 6.0 million shares.

 

Subject to the EGM's approval of the ordinary share capital increase, the Company's Board of Directors proposes that up to 6.4 million new registered shares sourced from the ordinary and authorized share capital will be offered to existing shareholders of Kuros at an offer price of CHF 1.95 per share. The capital increase shall be implemented through a discounted rights offering, in which existing shareholders will receive 1 right to pre-emptively subscribe for new registered shares (“Rights”) for each registered share they hold on November 21, 2019 (after market close). 5 Rights will entitle the holder of such Rights to subscribe to 2 new registered shares subject to certain restrictions under applicable local laws. As from November 22, 2019, registered shares of Kuros will trade “ex Rights”. The Rights will not be admitted to trading on SIX Swiss Exchange.

 

The Rights are expected to be exercisable from November 22 until December 2, 2019 12:00 noon CET. Shares for which Rights have not been validly exercised during this period may be sold in a subsequent offering to eligible institutional investors or others. The listing and the first day of trading of the new registered shares on SIX Swiss Exchange and the delivery of the new registered shares against payment of the offer price, are expected to take place on December 6, 2019. The offering and listing prospectus in connection with the rights offering will be published on or around November 20, 2019.

 

Kuros expects to raise a total amount of up to CHF 12 million gross proceeds through the rights offering, in line with its announcement of an approximately CHF 6 – 12 million capital increase on October 29, 2019. The Company intends to use the net proceeds of the Offering in its discretion for the commercialization of its products and the further development of its product candidates. Recently, at NASS, the leading spinal surgery meeting, data were presented demonstrating that MagnetOs significantly outperformed comparator products in achieving uniform, solid and stable spinal fusion.

 

Large existing shareholders as well as potential new investors have indicated their interest in participating in the equity financing. The final number of new registered shares issued and the gross proceeds raised via the capital increase will depend on, inter alia, the number of shares subscribed amongst existing and new equity investors. The capital increase will not be implemented if not at least CHF 4.0 million of gross proceeds are raised via the capital increase, which the Company requires to accelerate commercialization of MagnetOs bone graft substitute in the U.S. and selected geographies in Europe. If the gross proceeds of the Offering will be below CHF 12 million, the Company will have to delay the preparation of the Pivotal Phase III study for Fibrin-PTH (KUR-113) until the required funds are available.

 

Octavian is acting as Placement Agent and Helvetische Bank is acting as Settlement Agent to the Company.

 

Expected timetable for the rights offering

November 19, 2019:

Extraordinary General Meeting

November 20, 2019:

Publication of Prospectus

November 21, 2019:

After close of trading on SIX Swiss Exchange: cut-off date for determination of existing shareholders for the entitlement of Rights

November 22, 2019:

Start of rights exercise period

December 2, 2019:

12 noon CET: End of rights exercise period

After close of trading: Announcement of number of Offered Shares for which Rights have been exercised and number of Offered Shares offered in the Share Placement

December 3, 2019:

After close of trading: Announcement of final number of Offered Shares and gross proceeds from the Rights Offering and Share Placement

December 6, 2018:

Listing and First Day Trading of Offered Shares

Payment of Offer Price against Delivery of Offered Shares