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Curis Reports Third Quarter 2013 Financial Results And Provides CUDC-427 Development Update

Third Quarter 2013 Financial Results

Curis reported a net loss of $1.9 million, or ($0.02) per share on both a basic and fully diluted basis for the third quarter of 2013, as compared to a net loss of $3.4 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 $8.1 million, or ($0.10) per share on both a basic and fully diluted basis for the nine months ended September 30, 2013, as compared to a net loss of $4.0 million or ($0.05) per share on both a basic and fully diluted basis for the same period in 2012.

Revenues for the third quarter of 2013 were $7.2 million, as compared to $578,000 for the same period in 2012. This increase in revenues was primarily due to an increase in license revenue as the result of a $6.0 million milestone earned from Genentech/Roche upon the conditional approval of Erivedge® (vismodegib) by the European Commission in July 2013. In addition, royalties received from Genentech/Roche's net sales of Erivedge during the quarter also increased to $1.1 million, as compared to $446,000 during the same period in 2012.

Revenues for the nine months ended September 30, 2013 were $13.5 million, as compared to $15.3 million for the same period in 2012. The decrease in revenues for the nine-month period was primarily due to a decrease in our license fee revenues from Genentech, which included a $10 million milestone payment upon FDA approval of Erivedge® in January 2012 as compared to the $6 million earned in the third quarter of 2013. This decrease was partially offset by an increase in royalty revenues, which were $2.5 million and $970,000 for the nine month periods ending September 30, 2013 and 2012, respectively. During the nine months ended September 30, 2013, Curis also recorded $650,000 in milestone payments received from The Leukemia and Lymphoma Society (LLS).

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