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.