Targeted & controlled bone healing
20 Aug 19
Kuros Biosciences Reports Results for First Half 2019

 Kuros Biosciences Reports Results for First Half 2019

Financial highlights

  • CHF 13.4 million cash and cash equivalents (including trade and other receivables) at June 30, 2019
  • Product sales were CHF 0.9 million in the first half of 2019, a substantial increase compared to H1 2018

 

Operational highlights year-to-date

  • Partner SeaSpine has initiated commercial rollout of bone graft supplied by Kuros and marketed under the brands OsteoCurrent and Current
  • Increased commercial footprint with distribution agreement with Surgical Specialties in Australia and New Zealand
  • Preparation for Phase II clinical study of Fibrin-PTH in spinal fusion on track

Schlieren (Zurich), Switzerland, August 20, 2019 – Kuros Biosciences, a leader in next generation bone graft technologies, today reported its results for the first half year 2019. The Company accelerated product sales in the first half of 2019, while further decreasing administrative expenses, confirming its successful transition into a full-fledged orthobiologics company with its lead product, MagnetOs and its product candidate. Fibrin-PTH (KUR-113)

 

Joost de Bruijn, Chief Executive Officer, said: “In the first half of 2019, we have successfully built on the new course set out for Kuros, progressing on all fronts. We continue to advance the exciting clinical program with Fibrin-PTH in spinal fusion, which represents a huge commercial opportunity. At the same time, our impressive growth in product sales constitutes an important step towards establishing our MagnetOs bone grafts as standard of care. With sufficient resources we are confident that, as a best-in-class, MagnetOs has the potential to capture substantial revenue in the $2.2B bone grafting market.”

 

Financial position

Cash and cash equivalents (including trade and other receivables) as per June 30, 2019, amounted to CHF 13.4 million, compared with CHF 18.9 million as per December 31, 2018.

 

Operating expenses remain almost unchanged at CHF 6.1 million (first half 2018: CHF 6.0 million). Expenses for research and development of CHF 3.4 million (CHF 3.1 million in the first half 2018) 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 2.9 million (first half 2018: CHF 4.1 million) contained costs for personnel and other expenses for maintenance and administration. Revenues amounted to CHF 0.9 million (first half 2018: CHF 0.3 million) and originated from product sales. Revenues in the first half of 2018 related to a payment from the agreement with Checkmate. Other income in the first half of 2019 and 2018 was CHF 0.2 million and CHF 1.1 million respectively. The 2018 other income was largely impacted by proceeds from sub-lease agreements which expired at the end of 2018.

 

The net loss as per June 30, 2019 amounts to CHF 5.2 million and remains unchanged compared to the corresponding period in the first half of 2018.

 

Key figures

 

H1 2019

H1 2018

In TCHF, IFRS

 

 

 

Product sales

 

910

25

Revenue from collaborations

 

-

249

Research and development

 

(3,423)

(3,058)                         

General and administrative

 

(2,889)

(4,112)

Other income

 

182

1,125

Net operating costs

 

(6,130)

(6,045)

Operating loss

 

(5,358)

(5,787)

Net financial loss

 

(243)

(4)

Net loss

 

(5,227)

(5,247)

Net loss per share (in CHF)

 

(0.35)

(0.63)

Cash and cash equivalents, trade and other receivables

 

13,436

10,106

 

Events after the reporting period

On July 9, 2019 Kuros announced that its Dutch subsidiary, Kuros Biosciences BV, has signed a distribution agreement for the Australian and New Zealand healthcare markets with Surgical Specialties, a subsidiary of the Paragon Care Group (ASX: PGC), a leading provider of medical equipment, devices and consumables. Under the agreement, Kuros will supply Surgical Specialties with its MagnetOs bone graft products and Surgical Specialties will be responsible for their distribution in Australia and New Zealand. In addition, Surgical Specialties will be responsible for the application and maintenance of the regulatory and reimbursement approvals in Australia and New Zealand. Further terms of the agreement were not disclosed.

 

Outlook

Kuros’ products are advancing according to plan with product sales having increased substantially compared to the first half of 2018, and the Company expects a further acceleration for the remainder of 2019.

The half year report is available via the following link: http://www.kuros.ch/uploads/Reports_and_Presentations/Interim Report_2019_final.pdf



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
20 Aug 19
Kuros Biosciences Reports Results for First Half 2019

 Kuros Biosciences Reports Results for First Half 2019

Financial highlights

  • CHF 13.4 million cash and cash equivalents (including trade and other receivables) at June 30, 2019
  • Product sales were CHF 0.9 million in the first half of 2019, a substantial increase compared to H1 2018

 

Operational highlights year-to-date

  • Partner SeaSpine has initiated commercial rollout of bone graft supplied by Kuros and marketed under the brands OsteoCurrent and Current
  • Increased commercial footprint with distribution agreement with Surgical Specialties in Australia and New Zealand
  • Preparation for Phase II clinical study of Fibrin-PTH in spinal fusion on track

Schlieren (Zurich), Switzerland, August 20, 2019 – Kuros Biosciences, a leader in next generation bone graft technologies, today reported its results for the first half year 2019. The Company accelerated product sales in the first half of 2019, while further decreasing administrative expenses, confirming its successful transition into a full-fledged orthobiologics company with its lead product, MagnetOs and its product candidate. Fibrin-PTH (KUR-113)

 

Joost de Bruijn, Chief Executive Officer, said: “In the first half of 2019, we have successfully built on the new course set out for Kuros, progressing on all fronts. We continue to advance the exciting clinical program with Fibrin-PTH in spinal fusion, which represents a huge commercial opportunity. At the same time, our impressive growth in product sales constitutes an important step towards establishing our MagnetOs bone grafts as standard of care. With sufficient resources we are confident that, as a best-in-class, MagnetOs has the potential to capture substantial revenue in the $2.2B bone grafting market.”

 

Financial position

Cash and cash equivalents (including trade and other receivables) as per June 30, 2019, amounted to CHF 13.4 million, compared with CHF 18.9 million as per December 31, 2018.

 

Operating expenses remain almost unchanged at CHF 6.1 million (first half 2018: CHF 6.0 million). Expenses for research and development of CHF 3.4 million (CHF 3.1 million in the first half 2018) 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 2.9 million (first half 2018: CHF 4.1 million) contained costs for personnel and other expenses for maintenance and administration. Revenues amounted to CHF 0.9 million (first half 2018: CHF 0.3 million) and originated from product sales. Revenues in the first half of 2018 related to a payment from the agreement with Checkmate. Other income in the first half of 2019 and 2018 was CHF 0.2 million and CHF 1.1 million respectively. The 2018 other income was largely impacted by proceeds from sub-lease agreements which expired at the end of 2018.

 

The net loss as per June 30, 2019 amounts to CHF 5.2 million and remains unchanged compared to the corresponding period in the first half of 2018.

 

Key figures

 

H1 2019

H1 2018

In TCHF, IFRS

 

 

 

Product sales

 

910

25

Revenue from collaborations

 

-

249

Research and development

 

(3,423)

(3,058)                         

General and administrative

 

(2,889)

(4,112)

Other income

 

182

1,125

Net operating costs

 

(6,130)

(6,045)

Operating loss

 

(5,358)

(5,787)

Net financial loss

 

(243)

(4)

Net loss

 

(5,227)

(5,247)

Net loss per share (in CHF)

 

(0.35)

(0.63)

Cash and cash equivalents, trade and other receivables

 

13,436

10,106

 

Events after the reporting period

On July 9, 2019 Kuros announced that its Dutch subsidiary, Kuros Biosciences BV, has signed a distribution agreement for the Australian and New Zealand healthcare markets with Surgical Specialties, a subsidiary of the Paragon Care Group (ASX: PGC), a leading provider of medical equipment, devices and consumables. Under the agreement, Kuros will supply Surgical Specialties with its MagnetOs bone graft products and Surgical Specialties will be responsible for their distribution in Australia and New Zealand. In addition, Surgical Specialties will be responsible for the application and maintenance of the regulatory and reimbursement approvals in Australia and New Zealand. Further terms of the agreement were not disclosed.

 

Outlook

Kuros’ products are advancing according to plan with product sales having increased substantially compared to the first half of 2018, and the Company expects a further acceleration for the remainder of 2019.

The half year report is available via the following link: http://www.kuros.ch/uploads/Reports_and_Presentations/Interim Report_2019_final.pdf