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Curis Reports First Quarter 2014 Financial Results

Stocks in this article: CRIS

LEXINGTON, Mass., May 8, 2014 (GLOBE NEWSWIRE) -- Curis, Inc. (Nasdaq:CRIS), an oncology-focused drug development company developing novel drug candidates for the treatment of human cancers, today reported its financial results for the first quarter ended March 31, 2014.

"We continue to make progress with our proprietary assets, including patient enrollment into the first-in-human Phase 1 trial of our dual HDAC and PI3K inhibitor, CUDC-907," commented Ali Fattaey, Ph.D., President and Chief Operating Officer of Curis. "In the coming months, we anticipate selecting the recommended dose for the expansion stage of this trial in certain hematological malignancies, such as diffuse large B-cell lymphoma."

Dr. Fattaey continued, "Curis is on track to re-open the Phase 1 monotherapy trial of CUDC-427 in the very near term, which is expected to include patients with cancers that have a higher likelihood of genetic alterations of IAP pathway components, such as MALT lymphomas. Evaluation of CUDC-427 in combination with standard-of-care chemotherapy regimens including capecitabine is also expected to start later this year."

"Our partnered assets continue to progress well," said Dan Passeri, Curis' Chief Executive Officer. "Genentech and Roche's efforts to commercialize Erivedge® have resulted in a meaningful year-over-year increase in our royalty revenue and we continue to expect revenue growth for the remainder of 2014 as Erivedge is commercialized in various territories worldwide. In addition, Debiopharm anticipates initiating the Phase 2 portion of Debio 0932's ongoing non-small cell lung cancer trial later this year, which would trigger a milestone payment to Curis."

First Quarter 2014 Financial Results

Curis reported a net loss of $5.6 million, or ($0.06) per share, on both a basic and fully diluted basis for the first quarter of 2014, as compared to a net loss of $5.0 million, or ($0.06) per share, on both a basic and fully diluted basis for the same period in 2013.

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