Kuros Biosciences reports results for the full year 2020

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Financial highlights


CHF 29.8 million cash & cash equivalents, trade and other receivables at December 31, 2020
Revenues increased by 58% to CHF 4.0 million 


Operational highlights


Initiated Phase II clinical study of Fibrin-PTH in spine
Commercial rollout in the U.S. and Europe on track
Distribution agreements for The Netherlands, Austria, and Switzerland for MagnetOs
Raised CHF 18.6 million to advance product pipeline and commercialization of MagnetOs


Kuros Biosciences closed the year with outstanding results for 2020, accelerating sales by 58% and initiating the Phase II study for Fibrin PTH, confirming its successful transition into a fully-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration.

Kuros raised gross proceeds of CHF 18.6 million from a capital increase to advance its pipeline, in particular the Phase II clinical study of its proprietary Fibrin-PTH product candidate in spinal fusion, and to progress commercialization of MagnetOs in the U.S. and selected geographies in Europe.

 

Despite the worldwide pandemic, Kuros achieved strong sales growth of MagnetOs in the U.S. and launched MagnetOs in selected European countries.

 

Joost de Bruijn, Chief Executive Officer, said: “The Kuros team has delivered an outstanding performance in a complex environment, making significant progress on all fronts in 2020. The impressive sales growth of MagnetOs is a turning point in the history of the company and confirms our transformation into commercial company. Beyond this, we have started the Phase II with Fibrin-PTH in spinal fusion, which represents a huge commercial opportunity.”

 

Key developments in 2020


Conducted successful capital increase, raising total gross proceeds of CHF 18.6 million
First patient treated in the STRUCTURE trial, investigating Fibrin-PTH for transforaminal lumbar interbody fusion (TLIF) procedures in patients with degenerative disc disease.
Reached milestone of 2,000 patients treated with MagnetOs bone graft.
Unveiled new research on the role of osteoimmunology in bone formation in three presentations at the North American Spine Society (NASS) 2020 Annual Meeting.
Won the 2020 Spine Technology Award, awarded by the widely-read industry publication Orthopedics This Week for outstanding innovations in the field, for its Fibrin-PTH technology
Added to the body of data supporting the use of MagnetOs as an alternative to gold standard treatment autograft.
Strengthened intellectual property with a U.S. patent covering the use of PTH containing matrices for spinal fusion and a European patent covering certain combinations of polymers and granular materials, relating to MagnetOs.


Financial position

 

Cash and cash equivalents (including trade and other receivables) as of December 31, 2020, amounted to CHF 29.8 million, compared to CHF 21.9 million as of December 31, 2019.

 

Net operating costs increased to CHF 13.4 million (2019: CHF 11.7 million) primarily due to higher Marketing and Sales costs of CHF 4.3 million (2019: CHF 2.3 million) which contained costs for personnel and other costs for sales and marketing. Expenses for research and development decreased slightly to CHF 4.0 million (2019: CHF 4.7 million), which are mainly external costs for the  Phase II study (spine indication) of Fibrin-PTH, as well as personnel costs. General and administrative costs increased slightly to CHF 5.4 million (2019: CHF 5.0 million). Other income amounted to CHF 0.3 million (2019: CHF 0.3 million) and mainly consisted of patent recharges to Checkmate.

 

Revenues amounted to CHF 4.0 million (2019: CHF 2.6 million) and originated from product sales.

 

The net loss for 2020 amounted to CHF 11.5 million, compared to CHF 11.3 million in 2019.

 

Forward Looking Statements

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