Kuros reports 168% increase in direct MagnetOs sales in the first quarter of 2023
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Schlieren (Zurich), Switzerland, April 27, 2023 – Kuros Biosciences (“Kuros” or the “Company”), a leader in next generation bone graft technologies, today provided an update on its commercial activities. Direct sales of MagnetOs rose 168% in the first three months of 2023, from CHF 2.0 million to CHF 5.4 million, compared to the same period in 2022. Total product sales from medical devices came in at CHF 5.6 million in 2023 (2022: CHF 2.6 million), in the first three months. MagnetOs overachieved its commercial activity plan in the first three months of 2023 and the product segment Medical devices recognized a positive EBITDA during the period. |
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In February, Kuros announced the publication of supportive osteoimmunology data for MagnetOs bone graft in two prestigious, peer-reviewed scientific journals. The articles in the Journal of Immunology and Regenerative Medicine and Clinical Oral Implants Research substantiate the unique mechanism of action of MagnetOs bone graft and add to the growing body of evidence Kuros is building up for MagnetOs. Kuros is financed to accelerate the commercial roll-out of MagnetOs in the U.S. and to complete the Phase 2 clinical study of Fibrin-PTH in spine, with the first data expected to be available by end of 2023. Going forward, Daniel Geiger is appointed as Chief Financial Officer (CFO) as of May 1, 2023, who is transitioning from his current role as CFO-ad interim. Daniel Geiger quickly adapted to Kuros’ culture and is a proven leader to develop and execute Kuros’ pivotal growth strategy. Joost de Bruijn PhD, Founder and CEO of Kuros stated “We are very excited about the increased global market acceptance of MagnetOs. Kuros Biosciences made outstanding progress in early 2023, with the rapid rise in sales of MagnetOs showing its ability to significantly improve outcomes for patients in need of bone graft. We have reported further clinical data on the efficacy of MagnetOs, which bodes well for maintaining the positive trend in sales. Kuros is in a strong financial position, with cash reserves in place to complete the Phase 2 study Fibrin PTH and accelerate commercialization of MagnetOs, we look forward to continuing the impressive development of the Kuros portfolio.” Dr. de Bruijn continued: “Our continued investment into level one clinical evidence coupled with our advanced product platforms of Fibrin PTH and MagnetOs has allowed us to continue to recruit best in class people such as Daniel Geiger. Kuros has a very bright future ahead!” |