Kuros reports 73% increase in MagnetOs sales in first nine months of 2022
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Schlieren (Zurich), Switzerland, October 26, 2022 – 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 73% in the first 9 months of 2022, from CHF 4.7 million to CHF 8.1 million, compared to the same period in 2021. Total product sales from Medical Devices came in at CHF 8.9 million in 2022 (2021: CHF 5.8 million), in the first 9 months. |
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MagnetOs has passed the important milestone of 10,000 patients treated, following launch in the UK in 2017, the US in 2019 and Australia and several EU countries in 2021, demonstrating its utility in real-world clinical practice as well as in controlled trial environments. In October, Kuros reported positive first data from its five planned randomized controlled trials for MagnetOs as part of Project Fusion, comparing MagnetOs Granules to the gold standard of autograft bone. Data from the prospective, multi-center, intra-patient-controlled trial showed a fusion rate for MagnetOs of 78%, compared to 42% for autograft. This compares favorably to fusion rates of 55-71% reported for other synthetic bone grafts evaluated in similar well-controlled studies of posterolateral fusion.1,2 Kuros has also completed a full commercial launch of MagnetOs Flex Matrix, opening an opportunity for the thousands of spine surgeons who routinely mix their bone graft of choice with bone marrow aspirate, to reap the benefits of MagnetOs’ NeedleGripTM surface technology while continuing with their routine peri-operative practice. MagnetOs Flex Matrix recently also received the Spine Technology Award from Orthopedics This Week. In September, Kuros successfully completed a CHF 6.0 million capital increase through a private placement (PIPE), extending its operating runway into the second quarter of 2024. This covers results of the Phase 2 trial of Fibrin-PTH in spinal fusion and enables completion of preparatory work for the Phase 3 program, as well as supporting continuing clinical development and commercialization of MagnetOs. Kuros expects products sales for the full year 2022 to grow in line with the Q3 performance. |