Kuros Biosciences announces successful CHF 6.0 million private placement

Schlieren (Zurich), Switzerland, September 15, 2022 – Kuros Biosciences AG (SIX:KURN) a leader in next generation bone graft technologies, announced today the successful completion of a CHF 6.0 million capital increase through a private placement of 3,750,000 new shares of Kuros with a par value of CHF 0.10 each (the “New Shares” and the “Placement”, respectively).

The New Shares have been placed at a price of CHF 1.60 each, including nominal value and share premium (the “Subscription Price”).

“Successfully completing this private placement provides Kuros with the ability to extend its operating runway into the second quarter of 2024, covering results of the Phase 2 trial of Fibrin-PTH in spinal fusion and enabling us to complete the preparatory work for Phase 3 with this program,” said Joost de Bruijn, Chief Executive Officer of Kuros. “It will also support continuing clinical development of our MagnetOs bone graft and its accelerating commercialization.”

The Placement was implemented with two investors, namely Optiverder B.V., Delft, The Netherlands and Pegasus Global Opportunity Fund Ltd., a fund domiciled in the British Virgin Islands managed by Alpha Capital AG, Zurich, Switzerland.

The New Shares represent 11.4% of the Company’s share capital prior to the Placement on a non-diluted basis. Following the registration of the capital increase by the commercial register of Zurich, expected to occur on September 15, 2022, the Company’s share capital will be composed of 36,561,378 shares with a nominal value of CHF 0.10 each.

Pursuant to applicable Swiss law, the capital increase has been implemented out of the Kuros’ authorized share capital pursuant to article 3d of the articles of association. In order to raise this capital in a quick and flexible manner, the subscription rights of existing shareholders have been excluded.

The Subscription Price represents a discount of 10.1% on the closing market price, respectively 5.6% on the 14 days VWAP (Volume Weighted Average Price) of the Company’s shares on SIX Swiss Exchange on the last trading day preceding the closing date of the Offering, i.e. CHF 1.78 (market price), respectively 1.69 CHF (14 days VWAP) on September 14, 2022.

The listing and first day of trading of the new registered shares on the SIX Swiss Exchange are expected to take place on September 16, 2022. The New Shares will carry immediate dividend and voting rights.