EQS-Adhoc: Kuros Biosurgery Holding Ltd. closes merger with Cytos Biotechnology Ltd. which is renamed Kuros Biosciences Ltd
EQS Group-Ad-hoc: Kuros Biosciences AG / Key word(s): Merger
Kuros Biosurgery Holding Ltd. closes merger with Cytos Biotechnology Ltd. which
is renamed Kuros Biosciences Ltd
20.01.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
--------------------------------------------------------------------------------
Kuros Biosurgery Holding Ltd. closes merger with Cytos Biotechnology Ltd. which
is renamed Kuros Biosciences Ltd.
Schlieren/Zurich (Switzerland) 20 January 2016 - Kuros Biosciences Ltd.
(SIX:KURN formerly CYTN) ("Kuros") today announced the closing of the
acquisition of Kuros Biosurgery Holding Ltd. and the change of name of the
combined company to Kuros Biosciences Ltd. Starting 20 January 2016 all
508'432'244 Kuros Biosciences Ltd. shares are listed and freely tradable under
the ticker symbol KURN on the SIX Swiss Exchange under the International
Reporting Standard and include all former 108'015'276 Cytos Biotechnology AG
shares, which remain listed and freely tradable under the unchanged ISIN number
(CH0011025217).
Christian Itin, Chairman of Kuros Board of Directors, stated: "We are pleased
with the successful closing of the business combination and welcome our new
shareholders. Kuros' product candidates address important markets in wound care
and bone regeneration. We are excited about the potential to create long-term
value for shareholders."
Didier Cowling, CEO of Kuros, commented: "Kuros has a diversified and clinically
tested product pipeline with significant revenue potential in attractive
markets. This combination provides us with access to the public capital markets
and thereby achieves a key step in Kuros' development."
About Kuros
Kuros is developing innovative products for tissue repair and regeneration. The
company is a spin-off of the Swiss Federal Institute of Technology and is
focused in the areas of medical sealants and bone healing (orthobiologics).
Kuros' most advanced product candidate has been designed to allow for rapid
sealing of surgical incisions. The lead indication is sealing of the dural
membrane after brain or spinal surgery. The product candidate is called KUR-023
and a European clinical study has been successfully completed. The company is
aiming at obtaining a CE mark for commercialization in Europe in 2017. Kuros is
planning a second clinical study to support approval for the product in the US.
Kuros' second class of product candidates is designed to generate bone tissue
for difficult to heal fractures and to stabilize the spine. Kuros' most advanced
bone healing product candidates are KUR-111 and KUR-113, both of which have been
tested in large, controlled Phase 2b clinical trials demonstrating efficacy by
meeting the studies' primary endpoints. KUR-111 and KUR-113 share the same
biologically active agents and have been tested in clinical trials involving
over 380 patients to date exhibiting an excellent safety profile.
Kuros (formerly known as Kuros Biosurgery Holding Ltd.) announced in November
2015 the completion of a financing of over CHF20 million that the company
expects to provide adequate financing to bring KUR-023 to market in both Europe
and the US. Moreover, this financing will allow the company to prepare for a
Phase 3 study with its lead product candidate for bone healing, KUR-111.
In 2015, Kuros (under the name Cytos Biotechnology Ltd.) entered into two
exclusive license agreements in different fields with pharmaceutical partners
namely (i) an exclusive license agreement granting Arbutus Biopharma
Corp.(NASDAQ: ABUS) (formally known as OnCore Biopharma) access to Kuros'
clinically validated virus -like particle (VLP) platform for use in the
treatment and prevention of hepatitis B viral infections and (ii) an exclusive
license agreement in the field of oncology granting Checkmate Pharmaceuticals
LLC exclusive access to Kuros' clinically validated product candidate CYT003 as
well as its VLP platform and to technology related to oligonucleotide synthesis.
For both collaborations, Kuros may receive development milestones and may
receive up to double digit royalties on net sales from successfully developed
products.
For further information, please contact:
Kuros Biosciences Ltd.
Harry Welten, MBA
Chief Financial Officer
Tel: +41 44 733 46 46
E-mail: harry.welten@kuros.ch
Didier Cowling
Chief Executive Officer
Tel: +41 44 200 56 10
E-mail: didier.cowling@kuros.ch
For Media Enquires:
Citigate Dewe Rogerson
David Dible, Sylvie Berrebi
david.dible@citigatedr.co.uk
+44 (0)207 638 9571
Legal Notice:
This media release is not an offer to sell, or a solicitation of an offer to
purchase, any securities of Kuros Biosciences Ltd (formerly Cytos Biotechnology
Ltd.) nor shall it or any part of it form the basis of, or be relied on in
connection with any contract or investment decision. This announcement is not
for publication or distribution (directly or indirectly) in or to the United
States, Canada, Australia, Japan or any other jurisdiction in which such
distribution might be unlawful. This media release is no listing or offering
prospectus or related document. The shares of Kuros Biosciences Ltd (formerly
Cytos Biotechnology Ltd.) are only listed at SIX Swiss Exchange, Switzerland,
and are not and will not be registered in any other jurisdiction, including the
countries mentioned in the preceding sentence.
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. Kuros Biosciences Ltd. does not assume
any responsibility for updating forward-looking statements or adapting them to
future events or developments.
End of ad hoc announcement
+++++
Additional features:
Document:http://n.eqs.com/c/fncls.ssp?u=FYNNWPQACP
Document title: Kuros_Merger_Cytos_160120
--------------------------------------------------------------------------------
20.01.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive:
http://switzerland.eqs.com/de/News
The issuer is responsible for the contents of the release.
--------------------------------------------------------------------------------
Language: English
Company: Kuros Biosciences AG
Technoparkstrasse 1
8005 Zürich
Switzerland
Phone: +41 44 200 5600
Fax: +41 44 200 5601
E-mail: info@kuros.ch
Internet: www.kuros.ch
ISIN: CH0011025217, CH0029060735
Valor: -
Listed: Foreign Exchange(s) SIX
End of News EQS Group News Service
--------------------------------------------------------------------------------
430831 20.01.2016