Kuros Biosurgery AG, a biotechnology company developing novel biomaterials and bioactive-biomaterial combination products and focused in therapeutic areas covering sealants and orthobiologics, announced today that it has closed a financing round of CHF15 million. An additional investment is expected in a second closing later this year.
The financing round was led by LifeCare Partners (Switzerland) and LSP Life Sciences Partners (Netherlands) as new investors with participation of non-disclosed family offices from Germany and Switzerland. Omega Funds, a Boston-based life sciences-focused fund is also becoming a shareholder during this financing round. The round was supported by existing investors including VI Partners (via Venture Incubator) and The Swiss Helvetia Fund, Inc.
Kuros intends to use this financing to bring its lead sealant product, KUR-023, to market in Europe and the US and to further progress its lead orthobiologics product, KUR-111, into Phase III clinical studies, amongst other key corporate activities.
As part of the financing, Dr Gerhard Ries, Managing Partner of LifeCare Partners, Dr Jörg Neermann, Partner at LSP and Dominik Ellenrieder will join the Kuros board.
Didier Cowling, Chief Executive Officer at Kuros, said: “We are very proud to have a number of high quality investors join us and we are looking forward to working closely with their experienced investment teams. At the same time we would like to thank the existing investors for their continued support in this financing round. The funds will allow Kuros to bring our unique sealant products to market and to progress our lead orthobiologics product into the final stage of clinical testing.”
Dr Gerhard Ries, Managing Partner of LifeCare Partners, added: “We are very pleased to have led this financing round for Kuros. We believe that Kuros’ biomaterial technology platforms offer an unique opportunity to generate novel sealants and bioactive orthobiologics with excellent compatibility properties and outstanding efficacy and safety profiles. Kuros has the potential to become a leading player in the rapidly growing orthobiologics market. The new funds will allow the company to create significant value from its outstanding late-stage clinical product pipeline.”
Dr Jörg Neermann, Partner at LSP, also commented: ”We are attracted to Kuros’ late stage product pipeline and the compelling clinical data that its novel product candidates have generated. The company is planning to both launch a novel biomaterial product in the near term and enter Phase III studies with its exciting lead orthobiologic and we are very much looking forward to being able to aid and participate in the future development of the company.”