Cytos Biotechnology and spinout Kuros Biosurgery come together to create Kuros Biosciences through a mutual exchange of shares to lead the way in tissue repair and regeneration.
Switzerland-based biotechnology companies Cytos Biotechnology and Kuros Biosurgery, a spinout of Swiss Federal Institute of Technology and Zurich University, are to combine to form Kuros Biosciences.
Kuros is based in Zurich and develops technologies created by Jeffrey Hubbell and his team during his tenure at California Institute of Technology. The company’s technology helps seal and repair body tissue and help with tissue regeneration.
Most recently Kuros Biosurgery raised CHF5m ($4.9m) in the November 2015 second close of a CHF20m funding round. Investors included private equity firm Lifecare Partners, venture capital firms Life Sciences Partners, Omega Funds, VI Partners and Venture Incubator and Swiss Helvetia Fund.
Cytos Biotechnology is a biopharmaceutical company that develops therapies that act on the immune system for diseases such as asthma. It is listed on the main segment of the Swiss stock exchange.
The combining of the two companies will happen through the exchange of shares and is still subject to shareholder approval. The combined company hopes to be a leader in the field of tissue repair and regeneration.
Arnd Kaltofen, chairman of Kuros’ board of directors, said: “Going public was the next logical step in developing Kuros into a leading player in its business segment. The planned combination will allow Kuros not only to access the Swiss public market smoothly, but also add significant board expertise and further revenue potential through Cytos’ existing licensing deals.”
