This Day On The Street
Continue to site
ADVERTISEMENT
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

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).

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs