SCHLIEREN (ZURICH), Switzerland, April 09, 2019 (GLOBE NEWSWIRE) — Kuros Biosciences (SIX: KURN) today announced that it has entered into a convertible bond financing agreement with Nice & Green S.A. for up to a maximum of CHF 5 million.
The facility is provided by Nice & Green, a private Swiss company which specializes in financing solutions tailored to the requirements of listed growth companies in the biotech and cleantech industries. This agreement can be extended by Kuros for an additional CHF 5 million over a further period of 12 months.
Joost de Bruijn, Chief Executive Officer of Kuros, said: “The proceeds from this convertible bond facility and December’s capital raise will be used to further focus on the commercial opportunity in cutting-edge orthobiologics. We will do this by expanding the commercial rollout of MagnetOs, our first product on the market, and further advancing the clinical program, particularly the Fibrin-PTH candidate, for which we are preparing a Phase II trial in spinal fusion.”
The facility enables Kuros to draw 12 equal tranches representing 100,000 shares each over 12 months against issuance of convertible bonds. The convertible bonds are mandatory convertible into equity at the discretion of Nice & Green within a period of 12 months after their issuance, with a conversion rate of 95% of the lowest volume-weighted average price during the six trading days preceding the conversion date.
| For further information, please contact: | |
| Kuros Biosciences AG | LifeSci Advisors |
| Michael Grau | Hans Herklots |
| Chief Financial Officer | Media & Investors |
| Tel +41 44 733 47 47 | +41 79 598 7149 |
| michael.grau@kurosbio.com | hherklots@lifesciadvisors.com |
About Kuros Biosciences AG
Kuros Biosciences is focused on the development of innovative products for tissue repair and regeneration and is located in Schlieren (Zurich), Switzerland, Bilthoven, The Netherlands and Burlington (MA), U.S.A.. The Company is listed according to the International Financial Reporting Standard on the SIX Swiss Exchange under the symbol KURN. Visit www.kurosbio.ch for additional information on Kuros, its science and product pipeline.
Forward Looking Statements
This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words “will” or “expect” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors, Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.
