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Curis Reports Fourth Quarter And Year-End 2012 Financial Results

Revenues for the year ended December 31, 2012 were $17.0 million as compared to $14.8 million for the year ended December 31, 2011. Revenues for the fourth quarter of 2012 were $1.7 million, as compared to $14.1 million for the same period in 2011. Curis earned $14 million in milestone payments under its collaboration with Genentech in each of the years ended December 31, 2012 and 2011 related to the achievement of regulatory objectives for Erivedge®, which was approved for sale in the U.S. in January 2012. The increase in revenues in 2012 as compared to 2011 was primarily the result of $1.5 million in royalty revenues resulting from Genentech's net sales of Erivedge® and $1 million in milestone payments received under the Company's agreement with LLS.

Research and development expenses were $15.5 million for the year ended December 31, 2012, as compared to $13.7 million for the year ended December 31, 2011 and $2.7 million for the fourth quarter of 2012 as compared to $4.4 million for the same period in 2011. During the year ended December 31, 2012, the Company incurred $2.1 million in sublicense expenses related to its obligations to university licensors as compared to $700,000 for the prior year. In addition, stock-based compensation increased $350,000 over the prior year primarily related to the expense recognized on unvested non-employee stock options.

In-process research and development expense of $9.5 million was recorded for the year ended December 31, 2012 and the fourth quarter of 2012 as a result of up-front payments related to the Company's in-license of CUDC-427 from Genentech. The Company did not record in-process research and development expense in 2011.

General and administrative expenses were $10.4 million for the year ended December 31, 2012, as compared to $8.3 million for the year ended December 31, 2011 and $2.9 million for the fourth quarter of 2012 as compared to $2.1 million for the same period in 2011. The increase was primarily due to increases in stock-based compensation expense of $1.5 million and legal and consulting fees of $500,000. 

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