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Curis Reports Second Quarter 2013 Financial Results

Stocks in this article: CRIS

LEXINGTON, Mass., Aug. 5, 2013 (GLOBE NEWSWIRE) -- Curis, Inc. (Nasdaq:CRIS), an oncology-focused drug development company seeking to develop novel drug candidates for the treatment of human cancers, today reported its financial results for the second quarter ended June 30, 2013.

"The second quarter and recent weeks have been highlighted by significant advances within our proprietary programs, including the recent initiation of the first of three planned clinical trials with our IAP antagonist, CUDC-427," said Ali Fattaey, President and Chief Operating Officer of Curis. "We plan to initiate the second trial in HER2 negative breast cancer patients in combination with capecitabine and a third trial in patients with certain aggressive and indolent lymphomas, including MALT lymphomas, which are often associated with genetic aberrations of the molecular targets of CUDC-427."

Dr. Fattaey continued, "We are also encouraged with the progress of our ongoing Phase 1 clinical study of dual targeted PI3K and HDAC inhibitor, CUDC-907. We continue to enroll patients and expect to report interim data from this study later this year."

"In addition to our efforts on Curis' proprietary programs, our collaborator Genentech/Roche continues to successfully advance its global commercialization strategy for Erivedge®, with recent regulatory approvals in the European Union and Australia, among others," said Dan Passeri, Chief Executive Officer of Curis. "We are also highly encouraged with Erivedge's sales growth, with Roche reporting a net sales increase of approximately 22% in the second quarter versus the previous quarter. We expect continued growth in the U.S. market and anticipate Roche's commercial launch in additional markets in the coming months."

Second Quarter 2013 Financial Results

Curis reported a net loss of $1.3 million, or ($0.02) per share on both a basic and fully diluted basis for the second quarter of 2013, as compared to a net loss of $2.9 million or ($0.04) per share on both a basic and fully diluted basis for the same period in 2012. Curis reported a net loss of $6.3 million, or ($0.08) per share on both a basic and fully diluted basis for the six months ended June 30, 2013, as compared to a net loss of $661,000 or ($0.01) per share on both a basic and fully diluted basis for the same period in 2012.

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