This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Curis Reports Fourth Quarter And Year-End 2012 Financial Results

LEXINGTON, Mass., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Curis, Inc. (Nasdaq:CRIS), an oncology-focused company seeking to develop next generation targeted drug candidates for cancer treatment, today reported its financial results for the fourth quarter and year ended December 31, 2012.

"During the last few months, we have taken key steps to strengthen Curis' position as an innovative targeted cancer drug company. This period was marked by several important achievements, including in-licensing the exclusive worldwide rights from Genentech to CUDC-427, bringing CUDC-907 into Phase I clinical testing, securing $30 million of important capital in an Erivedge® royalty-secured debt transaction to further advance our pipeline and enhancing our scientific depth and capacity by hiring Dr. Ali Fattaey as our President and Chief Operating Officer," said Dan Passeri, Chief Executive Officer.

"We believe the combination of our 2012 revenues and the completion of the $30 million Erivedge royalty-secured debt transaction have put Curis in a strong capital position to advance our lead assets further in clinical development," said Mike Gray, Curis' Chief Financial Officer. "We ended 2012 with approximately $59 million in cash, cash equivalents and investments, and we anticipate that we may earn additional revenues in 2013 related to the successful achievement of development and commercialization milestones under our partnered programs, including potential Erivedge® approvals in Europe and Australia in the first half of 2013 under our collaboration agreement with Genentech, a member of the Roche Group."

Full Year and Fourth Quarter 2012 Financial Results

For the year ended December 31, 2012, Curis reported a net loss of $16.4 million, or ($0.21) per basic and fully diluted share, as compared to a net loss of $9.9 million or ($0.13) per basic and fully diluted share for the year ended December 31, 2011. The 2012 net loss included a one-time expense of $9.5 million pursuant to the Company's November 2012 CUDC-427 license agreement with Genentech. For the fourth quarter of 2012, Curis reported a net loss of $12.4 million, or ($0.15) per share on both a basic and fully diluted basis, as compared to net income of $6.1 million or $0.08 per basic share and $0.07 per fully diluted share for the same period in 2011.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,256.68 +123.98 0.68%
S&P 500 2,112.72 +8.22 0.39%
NASDAQ 4,998.6770 +35.15 0.71%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs