Kuros Biosciences AG

12/03/2019 | Press release | Distributed by Public on 12/03/2019 12:29

Kuros announces final result of Capital Increase – total gross proceeds of CHF 12.5 million raised

Not for release, publication or distribution in the USA, the United Kingdom, Canada, Japan, Australia or Member States of the European Economic Area ('EEA').

Schlieren (Zurich), Switzerland, December 3, 2019 - Kuros Biosciences (SIX: KURN) (the Company or Kuros) announces the final number of Offered Shares and gross proceeds from the Rights Offering and Share Offering, first announced on November 19, 2019, in which a total of up to 6,405,022 new registered shares of Kuros sourced from the ordinary and authorized share capital with a nominal value of CHF 1.00 each were offered at an Offer Price of CHF 1.95 per share.

Following the rights exercise period, 4,079,548 new registered shares for which subscription rights were not exercised were placed in the Share Offering, which was oversubscribed to eligible institutional investors or others. Combined with the 2,325,474 new registered shares, which were validly subscribed for in the Rights Offering, the total number of new registered shares placed in the Offering at the Offer Price of CHF 1.95 per share amounts to 6,405,022. Total gross proceeds raised from the Capital Increase amount to CHF 12.5 million.

As previously announced, 2,818,718 Offered Shares were preferably allocated to Optiverder B.V., beneficially owned by Mr. C.A.C.M. Oomen, Delft, The Netherlands due to such investor's early binding order, the size of its order and the signing of a lock-up of 90 days after the First Day of Trading by the investor.

As a result of the Capital Increase, Kuros' share capital will increase from CHF 16,012,556, whereof 953,945 Shares have been issued from the Company's conditional share capital for bond and similar debt instrument and are not recorded in the commercial register yet, to CHF 22,417,578, divided into 22,417,578 registered shares with a nominal value of CHF 1.00 each.

Kuros intends to use the net proceeds of the Offering in its discretion for the commercialization of its products and the further development of its product candidates.

The listing and First Day of Trading of the new registered shares on the SIX Swiss Exchange and the delivery of the new registered shares against payment of the Offer Price are expected to take place on December 6, 2019.

Capitalized terms used in this press release have the meaning given to such terms in the offering and listing prospectus published by the Company on November 20, 2019.