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Curis Reports Third Quarter 2011 Financial Results

Stocks in this article: CRIS

Conference Call Information

Daniel Passeri, President and Chief Executive Officer of Curis, will host a conference call today, October 27, 2011, at 9:00 a.m. EDT, to discuss Curis’ financial results for the quarter, and corporate developments, plans and strategies.

To access the live conference call, please dial (800) 798-2796 from the U.S. or Canada or (617) 614-6204 from other locations, shortly before 9:00 a.m. EDT. The conference ID number is 77610194. The conference call also can be accessed on the Curis website at www.curis.com in the Investors section. A replay will be available approximately two hours after the completion of the call through 12:00 p.m. EDT, Thursday, November 3, 2011. To access the replay, please dial (888) 286-8010 from the United States or Canada or (617) 801-6888 from other locations and reference conference ID number 73522626.

About Curis, Inc.

Curis is a drug development company that is committed to leveraging its innovative signaling pathway drug technologies to seek to create new targeted small molecule drug candidates for cancer. Curis is building upon its previous experiences in targeting signaling pathways, including in the Hedgehog pathway, in its effort to develop proprietary targeted cancer programs. For more information, visit Curis' website at www.curis.com.

Curis Cautionary Statement: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s timing for clinical trials of CUDC-101 and CUDC-907; Genentech and Roche's planned regulatory submissions for vismodegib; the potential favorable safety and efficacy profile of vismodegib; and the potential benefits of the Company’s internally developed drug candidates. Forward-looking statements used in this press release may contain the words "believes", "expects", "anticipates", "plans", "seeks", "estimates", "assumes", "will", "may," "could" or similar expressions. These forward-looking statements involve risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different from those indicated by such forward-looking statements including, among other things: The FDA may reject Genentech's NDA submission for vismodegib if it fails to meet the FDA’s filing requirements. Roche may not make a timely regulatory submission to the EMA, and the EMA may not accept any such submission if it fails to meet the EMA's filing requirements. Genentech and Roche may not demonstrate to the satisfaction of the FDA or any comparable foreign regulatory agency the safety and efficacy profile of vismodegib in the treatment of advanced BCC. Genentech and Roche may fail to meet applicable regulatory standards for approval of vismodegib in other indications. Even if vismodegib receives marketing authorization, its benefit/risk profile may not be widely accepted by the medical community or third party payors. Debiopharm may experience adverse results, delays and/or failures in its licensed development program. Curis may experience adverse results, delays and/or failures in its internal drug development programs. Curis may experience difficulties with: required regulatory approvals; maintaining necessary intellectual property protections; maintaining key collaborations; and obtaining the substantial additional funding required to conduct its business. Curis may experience unplanned cash requirements, and may not receive additional anticipated payments under its collaborations, any of which would shorten the estimated period in which Curis will have cash to fund its operations. Curis may also face other important risks relating to its business, operations, financial condition and future prospects generally that are discussed in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 and other filings that it periodically makes with the Securities and Exchange Commission.

In addition, any forward-looking statements represent the views only as of today and should not be relied upon as representing Curis' views as of any subsequent date. Curis disclaims any intention or obligation to update any of the forward-looking statements after the date of this press release whether as a result of new information, future events or otherwise.

   

CURIS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

   
Three months ended Nine months ended
September 30, September 30,
  2011       2010     2011       2010  
Revenues $ 147,122   $ 3,242,310   $ 673,527   $ 15,899,278  
 
Operating expenses:
Research and development 3,042,251 3,008,594 9,244,800 7,721,140
General and administrative   1,921,206     1,998,701     6,196,337     8,205,523  
Total operating expenses   4,963,457     5,007,295     15,441,137     15,926,663  
 
Net (loss) income from operations   (4,816,335 )   (1,764,985 )   (14,767,610 )   (27,385 )
 

Other income (expense), net

  609,780     250,186     (1,153,160 )   1,198,864  

Net (loss) income

$ (4,206,555 ) $ (1,514,799 ) $ (15,920,770 ) $ 1,171,479  
 

Basic net (loss) income per common share

$ (0.05 ) $ (0.02 ) $ (0.21 ) $ 0.02  
Diluted net (loss) income per common share $ (0.05 ) $ (0.02 ) $ (0.21 ) $ 0.02  
 

Basic weighted average common shares outstanding

 

76,543,074

   

75,623,465

   

76,251,709

   

74,720,168

 
 

Diluted weighted average common shares outstanding

 

76,543,074

   

75,623,465

   

76,251,709

   

77,400,608

 
 

 

CURIS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

   

September 30, 2011

December 31, 2010

ASSETS
 
Cash, cash equivalents and marketable securities $ 28,358,434 $ 40,379,818
Investments – restricted 235,914 497,004
Accounts receivable 137,313 92,371
Property and equipment, net 475,469 302,721
Goodwill 8,982,000 8,982,000
Other assets   678,976   395,229

Total assets

$

38,868,106

$

50,649,143

 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses and other liabilities $ 3,621,889 $ 3,526,744
Warrant liability   2,839,408   1,604,742
Total liabilities 6,461,297 5,131,486
 
Total stockholders' equity   32,406,809   45,517,657
 
Total liabilities and stockholders' equity $ 38,868,106 $ 50,649,143




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