Kuros Biosciences (SIX: KURN) today announced that it has entered into a convertible bond financing agreement with Nice & Green S.A. for up to a maximum of CHF 5 million.
The facility is provided by Nice & Green, a private Swiss company which specializes in financing solutions tailored to the requirements of listed growth companies in the biotech and cleantech industries. This agreement can be extended by Kuros for an additional CHF 5 million over a further period of 12 months.
Joost de Bruijn, Chief Executive Officer of Kuros, said: “The proceeds from this convertible bond facility and December’s capital raise will be used to further focus on the commercial opportunity in cutting-edge orthobiologics. We will do this by expanding the commercial rollout of MagnetOs, our first product on the market, and further advancing the clinical program, particularly the Fibrin-PTH candidate, for which we are preparing a Phase II trial in spinal fusion.”
The facility enables Kuros to draw 12 equal tranches representing 100,000 shares each over 12 months against issuance of convertible bonds. The convertible bonds are mandatory convertible into equity at the discretion of Nice & Green within a period of 12 months after their issuance, with a conversion rate of 95% of the lowest volume-weighted average price during the six trading days preceding the conversion date.