Kuros Biosurgery raised CHF15 million (€13.8M) to bring its late stage bone-repairing agents to the market. A second financing round is already planned for later this year.
Bones can suffer a lot during surgeries, sports or severe accidents. To accelerate its healing, Swiss Kuros has established a late stage pipeline of bone-repairing agents.
The company was formed in 2000 as a spin-off from the Swiss Federal Institute of Technology and University of Zurich. It possesses two platforms to develop new biomaterials that cover sealants and orthobiologics. One is based on fibrin, a connecting protein that is needed for the formation of blood clots. The other uses a synthetic technology that mimics fibrin in many of its attributes. Since its founding, the Swiss company raised in total $100M.
A novel financing round was now closed raising CHF15 million (€13.8M). The round was supported by existing investors including VI Partners and the Swiss Helvetia Fund. It was led by new investors, namely Swiss LifeCare Partners and Dutch LSP Life Sciences Partners. Both companies will send a new member on Kuros’ board. Moreover, a new shareholder joined the group: Boston-based life sciences-focused Omega Funds.
The new money should help to put the company’s lead sealant product, KUR-023, on the European and US market. KUR-023 is a spray that is applied during cranial or spinal surgerys to prevent leakage from the cerebrospinal fluid containing dura mater. Furthermore, the money will be used to progress its lead orthobiologics product, KUR-111, into Phase III. The treatment is designed to overcome tibial plateau fractures.
Besides those two, Kuros has two other treatments in Phase II, from which one is waiting to enter Phase III. The late-stage clinical product pipeline could yield the company a lot of money in the growing field of orthobiologics. To create significant value from it, Kuros already announced a further financing round that should be closed later this year.