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Curis Reports First Quarter 2013 Financial Results

Stocks in this article: CRIS

LEXINGTON, Mass., April 30, 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 first quarter ended March 31, 2013.

"This quarter was marked by the continued progress of our proprietary drug candidates, including the enrollment of the first dosing cohort for our Phase I clinical trial in advanced lymphomas and multiple myeloma patients of CUDC-907, a dual targeted PI3K and HDAC inhibitor, as well as our advancement of IAP inhibitor CUDC-427 towards initiation of a Phase II development campaign," said Ali Fattaey, President and Chief Operating Officer of Curis.

"Our collaborator Genentech/Roche has continued to successfully expand the U.S commercialization of Erivedge®, with an approximately 20% sequential sales growth in this quarter when compared to the fourth quarter of 2012. Genentech and Roche have demonstrated their commitment to make Erivedge available to patients globally, having recently secured marketing approvals in Israel, Mexico and South Korea and having received a positive opinion for the conditional marketing approval of Erivedge from the Committee for Medicinal Products for Human Use (CHMP) in Europe. We expect Erivedge marketing approvals in Europe and Australia in the coming months, and Genentech and Roche are actively pursuing approvals in several other territories," said Dan Passeri, Chief Executive Officer of Curis.

First Quarter 2013 Financial Results

Curis reported a net loss of $5.0 million, or ($0.06) per share on both a basic and fully diluted basis for the first quarter of 2013, as compared to net income of $2.2 million or $0.03 per share on both a basic and fully diluted basis for the same period in 2012.

Revenues for the first quarter of 2013 were $900,000, as compared to $10.4 million for the same period in 2012. This decrease in revenues is primarily the result of $10 million in license fee revenues received from Genentech upon FDA approval of Erivedge in the first quarter of 2012. Genentech/Roche's net sales of Erivedge during the first quarter of 2013 were $13.3 million resulting in an increase in royalty revenues recorded on net sales of Erivedge, which increased to $660,000 for the first quarter of 2013 from $270,000 during the same period in 2012.

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