Kuros reports a 150% increase in direct MagnetOs sales in the first nine months of 2023 and announces changes within the Executive Management

Direct sales of MagnetOs rose 150% in the first nine months of 2023, from CHF 8.1 million to CHF 20.4 million, compared to the same period in 2022. Total product sales from medical devices came in at CHF 21.3 million in the first nine months of 2023 (9M-2022: CHF 9.0 million). MagnetOs overachieved its commercial activity plan in the first nine months of 2023 and the product segment Medical Devices recognized a positive EBITDA of CHF 3.8 million during the period.

Joost de Bruijn, PhD, Founder and CEO of Kuros said: “Kuros continues to make strong clinical and commercial progress this year. We reported another impressive increase in the sales growth of MagnetOs compared to the same period last year, further indicating the growing demand among physicians for our bone graft treatment. This past quarter, we also completed patient enrollment in our STRUCTURE trial, which evaluates our next product candidate Fibrin-PTH in TLIF procedures in patients with degenerative disc disease. Fibrin-PTH is targeting a two-billion-dollar market opportunity and can be a significant addition to our commercial portfolio once available. Looking ahead, we expect a strong finish to the year 2023, with the accelerated commercial roll-out of MagnetOs in the US contributing to the continued overall sales growth of the product. Also ahead in the final quarter of 2023 is the completion of the randomised part of the STRUCTURE trial, with results due early in 2024. Kuros remains well financed to achieve both milestones.”

Change and transition of management responsibilities within the Executive Management

Effective today, Chris Fair, a Company’s executive management member, and former member of the Board of Directors of Kuros, has been appointed as the Company’s Chief Executive Officer.  Chris Fair has served as Chief Operating Officer since October 2022.

Joost de Bruijn, PhD, FBSE, the Company’s founder and Chief Executive Officer since 2017, will transition within the Executive Management to the role of Executive Director and President of Innovation & Strategy. He will remain a member of the Kuros Board of Directors. Within the executive leadership team, Dr. de Bruijn will focus on the Company’s scientific, clinical, innovation, R&D, new product development activities and strategic efforts. “When I founded the company, formerly Xpand Biotechnology, we were a small group of scientists who set out to develop innovative and disruptive technologies that could truly transform how bone can be (re)generated,” stated de Bruijn. “With the merging clinical data, we have now proven that MagnetOs is a truly impactful fusion technology, while the development of Fibrin-PTH could potentially have an even greater impact once the study is successfully completed.”

Professor Clemens van Blitterswijk, PhD, Chairman of the Board of the Company stated: “Joost has been the driving force of innovation and product development that Kuros has become known for. We are excited that he will continue his work with the Kuros management team and help bring innovative technologies forward as well as assist the organisation’s transition from a pure R&D company to one with the fastest growing biologics portfolio in the marketplace.”

With over 30 years of musculoskeletal industry experience, Chris Fair is a seasoned commercial operator known for leadership roles within the spine and biologics community. In his role as Chief Operating Officer at Kuros, Chris has been leading the commercial and operational teams to achieve stellar medical devices revenue over the last 12 months and the completion of enrollment of the Phase 2 STRUCTURE trial.

“Chris is a proven business leader and someone whom the company has worked with for many years, and he shares our vision and values,” stated de Bruijn. “His impact as the Chief Operating Officer for the company has clearly shown what is possible for the company’s future. I believe that continuing to work with Chris in our new roles will allow us to leverage each of our strengths to benefit our employees, shareholders, and customers.”

“We have a fantastic team of professionals at Kuros worldwide, and I am excited and honored to lead the company forward,” stated Fair. “The market conditions for both MagnetOs and our Fibrin-PTH product remain strong for the years to come, and we believe we are in an excellent position to capitalize on the opportunity.”

In addition to the transition within the Executive Management, the company has promoted John Griffin to Chief Commercial Officer; and Sjoerd Musters to Chief Operating Officer and he will also join the Executive Management.