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

Stocks in this article: CRIS

As of September 30, 2013, Curis' cash, cash equivalents, marketable securities and investments totaled $67.1 million and there were approximately 84.1 million shares of common stock outstanding.

In December 2012, Curis' wholly-owned subsidiary Curis Royalty received a $30,000,000 loan at an annual interest rate of 12.25% pursuant to a credit agreement between Curis Royalty and BioPharma-II. In connection with the loan, Curis transferred to Curis Royalty its right to receive certain future royalty and royalty-related payments on the commercial sales of Erivedge that it may receive from Genentech. The loan and accrued interest will be repaid by Curis Royalty using such royalty and royalty-related payments. To secure repayment of the loan, Curis Royalty granted a first priority lien and security interest (subject only to permitted liens) to BioPharma-II in all of its assets and all real, intangible and personal property, including all of its right, title and interest in and to the royalty and royalty-related payments. The loan constitutes an obligation of Curis Royalty, and is intended to be non-recourse to Curis. For 2013, Curis Royalty is required to pay BioPharma II up to $1.0 million per quarter of the royalty revenues that it receives from Genentech/Roche. Curis expects that all or a significant portion of the Erivedge royalties received by Curis Royalty will be paid to BioPharma II until the debt is repaid.

As of June 30, 2013, Curis had recorded liabilities related to the loan of $30,709,000, which consisted of $30,397,000 in long- and short-term debt, net and accrued interest of $312,000. During the quarter Curis recorded interest and amortization of certain debt issuance costs totaling $965,000 and Curis Royalty made a payment on August 30, 2013 to BioPharma II of $765,000, resulting in debt-related liabilities of $30,896,000 as of September 30, 2013, which consisted of $30,582,000 in long- and short-term debt, net and accrued interest of $314,000.

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