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Curis Reports Fourth Quarter And Year-End 2013 Financial Results

Stocks in this article: CRIS

LEXINGTON, Mass., Feb. 20, 2014 (GLOBE NEWSWIRE) -- Curis, Inc. (Nasdaq:CRIS), an oncology-focused company developing novel, targeted drug candidates for the treatment of human cancers, today reported its financial results for the fourth quarter and year ended December 31, 2013.

"Over the last several months, we have continued to focus on advancing our proprietary assets, including our ongoing Phase 1 clinical study of the dual HDAC and PI3K inhibitor, CUDC-907," commented Ali Fattaey, Ph.D., President and Chief Operating Officer of Curis. "Enrollment in CUDC-907's Phase 1 study in patients with relapsed/refractory lymphoma and multiple myeloma is progressing well at all three trial sites. We have also compiled the FDA-requested information in response to the partial clinical hold on CUDC-427. We have submitted our analysis of CUDC-427 clinical data and an amended protocol to the FDA. After we receive feedback on our response, we expect to continue to provide updates on the status of both of our proprietary programs and ongoing development plans."

"We are also pleased with the progress of our partnered assets, including initiation of new clinical studies during the fourth quarter of 2013 for both Erivedge and Debio 0932," said Dan Passeri, Curis' Chief Executive Officer. "In addition, Genentech/Roche's commercial efforts for Erivedge have resulted in significant year-over-year increases in our royalty revenue." 

Full Year and Fourth Quarter 2013 Financial Results

For the year ended December 31, 2013, Curis reported a net loss of $12.3 million, or ($0.15) per basic and fully diluted share, as compared to a net loss of $16.4 million or ($0.21) per basic and fully diluted share in 2012. For the fourth quarter of 2013, Curis reported a net loss of $4.2 million, or ($0.05) per basic and fully diluted share, as compared to a net loss of $12.4 million or ($0.15) per basic and fully diluted share for the same period in 2012. The fourth quarter and full year 2012 net loss included a one-time expense of $9.5 million relating to an up-front payment and technology transfer costs associated with the Company's November 2012 CUDC-427 license agreement with Genentech.

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