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

During the third quarter of 2013, the Company received $9.6 million in net proceeds relating to the sale to the public of 2.29 million shares of its common stock pursuant to its July 2013 at-the-market sales agreement with Cowen and Company, LLC. In addition, the Company received an additional $6.8 million in net proceeds through the sale of an additional 1.56 million shares, which settled in early October. 

"Our financial position continues to be strong, with expected cash, cash equivalents and investments at year-end of between $67 and $70 million, which we believe will provide us with adequate capital to fund our planned operations into 2016," commented Michael Gray, Chief Business and Chief Financial Officer of Curis. "We were pleased that Erivedge royalty revenues increased by over 30% sequentially, and look forward to investing further in our developing pipeline."

Recent Operational Highlights

Erivedge:

  • Genentech/Roche initiated a Phase 1b/2 study of Erivedge to investigate the safety and efficacy of the drug in patients with relapsed/ refractory AML and relapsed or refractory high-risk MDS.  
  • The European Commission granted conditional approval to Erivedge for the treatment of adult patients with symptomatic metastatic basal cell carcinoma (BCC) or locally advanced BCC inappropriate for surgery or radiotherapy. This regulatory decision is applicable to all 28 member states of the European Union. Erivedge is being commercialized and developed by Genentech/Roche under a collaboration agreement between Curis and Genentech/Roche.  Curis earned a $6 million milestone payment from Genentech/Roche upon the conditional approval of Erivedge.

Debio 0932

  • Debiopharm initiated an open-label, multicenter Phase 1 dose-finding study of Debio 0932 in combination with everolimus, in patients who have been previously treated with a VEGF-directed tyrosine kinase inhibitor.

Corporate:

  • Curis appointed Jaye Viner, M.D., M.P.H as Chief Medical Officer and Executive Vice President. Dr. Viner will be responsible for the leadership of Curis' clinical development strategy and efforts to further the development of its pipeline of proprietary drug candidates. Curis also appointed Tania Chander, Pharm.D. as Vice President of Product Development. Dr. Chander will be responsible for project leadership throughout the product development process.

Upcoming Activities

Curis expects to present at the following investor and medical conferences through December 2013:

  • 2013 RBC Capital Markets' Healthcare Investor Day on November 21, 2013 in Denver
  • Brean Capital 2013 Life Sciences Summit on November 25, 2013 in New York City
  • 2013 Deutsche Bank BioFEST on December 2-3, 2013 in Boston
  • Piper Jaffray 25th Annual Healthcare Conference on December 3-4, 2013 in New York City
  • 55 th American Society of Hematology (ASH) Annual Meeting and Exposition on December 7-10, 2013 in New Orleans
  • Oppenheimer 24 th Annual Healthcare Conference on December 10-11, 2013 in New York City

Conference Call Information

Curis management will host a conference call today, November 6, 2013, at 8:30 a.m. ET, to discuss Curis' financial results for the third quarter as well as provide a corporate update.

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