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Curis Reports Third Quarter 2011 Financial Results

For the nine-month period ending September 30, 2011, Curis reported a net loss of $15.9 million, or ($0.21) per share on both a basic and fully diluted shares outstanding basis, as compared to net income of $1.2 million or $0.02 per share on both a basic and fully diluted shares outstanding basis for the same period in 2010.

Revenues for the nine months ended September 30, 2011, were $700,000 as compared to $15.9 million for the same period in 2010. This decrease is primarily the result of $11.3 million in license fee revenue that was recorded during the nine months ended September 30, 2010 as a result of milestone payments that Curis received from Debiopharm during such period. During the prior year period, Curis also received proceeds of $4.0 million pursuant to a settlement agreement that the Company entered into with a former collaborator in February 2010. No license fee revenue was recorded under Curis’ ongoing collaborations with Genentech and Debiopharm for the nine months ended September 30, 2011.

Operating expenses were $15.4 million for the nine months ended September 30, 2011, as compared to $15.9 million for the same period in 2010. Research and development expenses were $9.2 million for the nine months ended September 30, 2011, as compared to $7.7 million for the same period in 2010. General and administrative expenses were $6.2 million for the nine months ended September 30, 2011, as compared to $8.2 million for the same period in 2010.

Other expense was $1.2 million for the nine-month period ended September 30, 2011, as compared to other income of $1.2 million for the same period in 2010.

As of September 30, 2011, Curis’ cash, cash equivalents and marketable securities totaled $28.4 million, and there were 76.6 million shares of common stock outstanding.

Recent Developments

-- Genentech Submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA)

In September 2011, Curis’ collaborator Genentech, a member of the Roche group, submitted a New Drug Application (NDA) to the FDA seeking sales and marketing approval for vismodegib to treat people with advanced basal cell carcinoma (BCC), which includes metastatic and locally advanced BCC patients for whom surgery is considered inappropriate. Curis is eligible to receive an $8 million milestone payment from Genentech upon FDA acceptance of this submission. If the drug receives FDA approval, then Curis will also be entitled to receive an additional milestone payment as well as royalties on any future sales.

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