ZURICH, August 18, 2015 /PRNewswire/ --
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 CHF15M. 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 a 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."
Kuros is focused on the development of novel biomaterials and bioactive-biomaterial combination products in therapeutic areas covering sealants and orthobiologics.
Kuros has a late stage pipeline which has generated highly positive data in multiple clinical studies. Its most advanced sealant product candidate is KUR-023, a sealant that has successfully completed European clinical development and is close to being CE Marked. KUR-111 and KUR-113, Kuros' most advanced orthobiologic products have both met the primary endpoints in large well controlled Phase II clinical studies and are progressing towards Phase III.
Kuros has two biomaterial technology platforms, one based on fibrin sealants and the other based on its own proprietary synthetic technology that can mimic fibrin in many of its attributes. These materials can be used alone or in combination with biologically active molecules. The incorporation of the biologically active molecules into the injectable matrices aims to maximize their activity by retention at the site of action. Kuros has a number of methodologies to achieve the desired retention and release profiles of the biologically active molecules. The products are designed to combine ease of application with localized delivery.
The company is located in Zurich, Switzerland.
For more information, visit: http://www.kuros.ch
About LifeCare Partners:
LifeCare Partners is an independent investment advisory firm providing financing to private and public life science companies. LifeCare Partners targets the entire life science industry with special focus on medical technology, diagnostics, biopharmaceuticals, food & nutrition, industrial biotechnology, biomaterials, e-health and bioenergy. Based in Basel, the LifeCare Partners team has successfully invested in more than 30 life science companies over the last years, of which a large number have already been listed on the stock exchange or have been acquired by leading players in the life science industry.
For more information, visit http://www.lifecarevc.com
LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing for private and public life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. With over USD 1 billion of investment capital raised to date and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced specialist life-science investors.
For more information, please visit http://www.lspvc.com.
Didier Cowling, CEO
Alistair Irvine, CBO
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SOURCE Kuros Biosurgery AG