Kuros Biosciences reports results for the full year 2019
Schlieren (Zurich), Switzerland, March 26, 2020 – Kuros Biosciences successfully delivered on its targets in 2019, increasing sales of MagnetOs fivefold and confirming its successful transition into a fully-fledged orthobiologics company with scientific, clinical, and commercial excellence in bone regeneration.
Kuros raised gross proceeds of CHF 12.5 million from a capital increase to advance its pipeline, in particular the Phase II clinical study of its proprietary Fibrin PTH (KUR-113) product candidate in spinal fusion, and to progress commercialization of MagnetOs in the U.S. and selected geographies in Europe.
Joost de Bruijn, Chief Executive Officer, said: “Kuros Biosciences has made significant progress on all fronts in 2019, making this a transformational year for our company as we pursue our new strategy. The significant increase in sales of MagnetOs are a major achievement and an important milestone in the history of the company as we focus on the commercial opportunity of cutting-edge orthobiologics. The commercial rollout is continuing in both the U.S. and Europe. Beyond this, we are driving forward the exciting clinical program with Fibrin-PTH in spinal fusion, which represents a huge commercial opportunity.”
“We had a strong first two months of 2020 in terms of revenues. The spread of COVID-19 is now creating significant uncertainties and we expect some delays in our timelines as elective surgery is put back. This will affect the commercialization of MagnetOs and the Phase II study of Fibrin- PTH in spine. We will communicate specific details as soon as the situation becomes clearer.”
Cash and cash equivalents (including trade and other receivables) at December 31, 2019 amounted to CHF 21.9 million, compared to CHF 19.0 million at December 31, 2018.
Net operating costs amounted to CHF 13.5 million, compared to CHF 14.3 million in the previous year. The decrease is primarily driven by significantly lower general and administration costs with a decrease of CHF 3.6 million, from CHF 8.6 million in 2018 to CHF 5.0 million in 2019. Research and development costs decreased from CHF 6.9 million in 2018 to CHF 6.5 million in 2019. Due to increased commercialization activities, Kuros increased its sales and marketing costs from CHF 0.3 million in 2018 to CHF 2.3 million in 2019. Other income decreased from CHF 1.5 million in 2018 to CHF 0.3 million in 2019 and consisted primarily of reimbursements of collaboration costs.
Revenue from sale of products amounted to CHF 2.6 million (2018: CHF 0.5 million).
The net loss for 2019 amounted to CHF 11.3 million, compared to CHF 11.7 million in 2018. The increase in marketing and sales costs was compensated by a substantial decrease in general and administrative costs.
Kuros is keeping a close eye on the spread of COVID-19 around the world and taking the necessary mitigating action, including a ban on non-essential travel and employees working remotely as much as possible. Delays to elective surgery will have an impact on the commercialization of MagnetOs and we also expect a delay to the Phase II study of Fibrin-PTH (KUR 113) in spine. We will provide updates if and when there is any significant change in these circumstances.
The annual report 2019 is available on our corporate website under the following link