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

Operating expenses for the third quarter of 2013 were $7.1 million, as compared to $5.5 million for the same period in 2012. Operating expenses for the nine months ended September 30, 2013 were $18.4 million, as compared to $20.5 million for the same period in 2012.

Costs of royalty revenues, which were comprised of amounts due to third-party university patent licensors in connection with Genentech/Roche's Erivedge net sales, were $54,000 and $22,000 during the third quarters of 2013 and 2012, respectively. Costs of royalty revenues for the nine months ended September 30, 2013 were $127,000, as compared to $148,000 for the same period in 2012.

Research and development expenses were $4.2 million for the quarter, as compared to $3.0 million for the same period in 2012. This increase was primarily due to $1.9 million in expenses incurred in the development of CUDC-427. Curis also incurred $300,000 in research and development expenses during the quarter related to the conditional approval of Erivedge in the European Union in July 2013. Offsetting these increases, Curis decreased its spending on CUDC-101 and discovery research to $420,000 during the third quarter of 2013 from $1.9 million during the same period in 2012, as the Company shifted its capital resources to the development of CUDC-907 and CUDC-427. Research and development expenses were $10.0 million for the nine months ended September 30, 2013 as compared to $12.8 million for the same period in 2012.

General and administrative expenses were $2.8 million for the third quarter of 2013, as compared to $2.5 million for the same period in 2012. The increase was primarily due to increased expenses for personnel, legal services and professional services. General and administrative expenses were $8.3 million for the nine months ended September 30, 2013 as compared to $7.5 million for the same period in 2012.

Other expense was $2.0 for the third quarter of 2013, as compared to other income of $1.6 million for the same period in 2012. The increase in other expense was primarily the result of $1.0 million in interest expense and amortization of debt issuance costs related to the loan made by BioPharma II to Curis Royalty, a wholly-owned subsidiary of Curis. In addition, Curis recognized $1.1 million in other expense during the quarter as a result of an increase in the fair value of a warrant liability. Other income during the third quarter of 2012 primarily represented the change in the fair value of this warrant liability. Other expense was $3.2 million for the nine months ended September 30, 2013 as compared to other income of $1.1 million for the same period in 2012.

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