Kuros Biosciences Reports Results for First Half 2023
Schlieren (Zurich), Switzerland, August 9, 2023 – Kuros Biosciences (“Kuros” or the “Company”), a leader in next generation bone graft technologies, today reported a 148% growth in MagnetOs direct sales in the first six months of 2023. The enrollment of patients in the Phase II spine study for Fibrin-PTH was completed, confirming the successful transition into a fully-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration. Total revenue from medical devices increased by 126% to CHF 12.9 million (vs first half 2022: CHF 5.7 million), corresponding to 131% growth on a constant currency basis.
Joost de Bruijn, Chief Executive Officer, said: “The first half of this year has seen Kuros pushing ahead strongly with our commercialization of MagnetOs, through which we are successfully providing bone graft treatment to thousands of patients in need worldwide. We continue to achieve impressive sales growth and remain well funded to advance the commercial launch of MagnetOs in the U.S. as planned. We are continuing to develop our portfolio with Fibrin-PTH, a product candidate with the potential to address a market opportunity worth more than two billion dollars. The Phase 2 clinical trial evaluating Fibrin-PTH in spine is progressing well and we expect to communicate the initial data readout in early 2024, which we expect will be an exciting next step for Kuros.”
Key developments in H1 2023
Cash and cash equivalents (including trade and other receivables) as of June 30, 2023, amounted to CHF 22.0 million compared to CHF 27.7 million as of December 31, 2022.
Events after the reporting period
Kuros’ products are advancing, with MagnetOs continuing to generate sales growth in the U.S. and Europe. 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 reaching the 12-month endpoint of the randomized part of Phase 2 clinical study of Fibrin-PTH in spine fusion at the end of 2023, we expect to report the results early 2024.
The half year report is available via the following link:
We will discuss the results of the first half of 2023 and give an update on business and financial strategy in a virtual call on August 23, 2023, at 3pm CET. If you wish to participate, please register in advance for this webinar:
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