Kuros Biosciences AG raised gross proceeds of CHF16.1 million through a capital increase comprising a rights offering and a share placement.
The Schlieren, Switzerland-based company sold 6,455,682 of the 8,013,306 new registered shares it offered at CHF2.50 apiece. Kuros Biosciences said 2,769,608 shares were validly subscribed for in the rights offering, while 3,686,074 shares for which subscription rights were not exercised were placed in the share placement.
Proceeds will go toward commercializing Kuros Biosciences' synthetic bone graft MagnetOs, as well as evaluating fibrin-PTH, for use in spinal fusion procedures, in a mid-stage trial.
Following the transactions, the company's share capital increased to about CHF15.1 million from about CHF 8.6 million. This is equivalent to 15,058,611 registered shares at a nominal value of CHF1 each.
Shares sold under the capital increase are expected to list Dec. 18 on the SIX Swiss Exchange.