Kuros Biosciences (SIX:KURN) said this week that it raised more than $16 million for clinical trial of its bone-growth protein as it expands the commercial footprint for its MagnetOs bone graft substitute.
Proceeds from the CHF 16.1 million round are earmarked for a Phase II trial of the Fibrin-PTH protein in spinal fusion procedures and for the commercialization of MagnetOs, which won 510(k) clearance from the FDA in August 2017 and CE Mark approval in the European Union in May. Kuros won CE Mark approval in the European for its Neuroseal dural sealant in June 2017.
The Zurich-based company said it plans to launch the study during the second quarter of 2019, with interim data due by the second half of 2020.
“We have made excellent progress on our new course in 2018 and have a strong team in place to take the company forward. The recent capital raise adds to those solid foundations and allows us to build on that success. The first sales of MagnetOs are a realization of the hard work and dedication the Kuros team has put in and we are now focusing on the commercial roll-out, which is proceeding well. On top of that, we are pushing on with the exciting Fibrin-PTH program. Largely de-risked in successful trauma trials, it targets an important medical need in spinal fusion, which represents a significant commercial opportunity,” CEO Joost de Bruijn said in prepared remarks.
$1 = CHF 0.991442