This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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