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Curis Reports Second Quarter 2014 Financial Results

Stocks in this article: CRIS

LEXINGTON, Mass., Aug. 7, 2014 (GLOBE NEWSWIRE) -- Curis, Inc. (Nasdaq:CRIS), an oncology-focused biotechnology company developing novel drug candidates for the treatment of human cancers, today reported its financial results for the second quarter ended June 30, 2014.

"We have continued to advance our internal programs in recent months. Dosing of patients with solid tumors or lymphomas was re-initiated in the Phase 1 study evaluating CUDC-427, our IAP antagonist. In addition dose escalation continues in multiple schedules in the Phase 1 study of our dual HDAC and PI3K inhibitor, CUDC-907, in patients with lymphoma or multiple myeloma," said Ali Fattaey, Ph.D., President and Chief Executive Officer of Curis. "We expect that the second half of this year will yield important insights into these drug candidates, as we anticipate not only to identify the recommended doses for each, but also to initiate the expansion phases of both studies during this period. In addition, an expansion arm of the CUDC-907 study will likely begin enrolling patients with hormone-receptor positive breast cancer in the coming months."

"We are pleased to report Erivedge® royalty revenues of $1.8 million for the second quarter, representing an increase of over 40% as compared to our first quarter 2014 royalty revenue. We are encouraged that Erivedge access continues to grow for patients with advanced basal cell carcinoma," said Michael Gray, Curis' Chief Financial and Chief Business Officer. "We believe that Roche's decision to file an Investigational New Drug (IND) application to study Erivedge in idiopathic pulmonary fibrosis (IPF), its first investment in a study of Erivedge in a non-oncology disease setting, has the potential to further increase the value of Erivedge. This filing also resulted in a $3 million milestone payment to Curis."

Second Quarter and First Half 2014 Financial Results

Curis reported a net loss of $1.9 million, or ($0.02) per share on both a basic and fully diluted basis for the second quarter of 2014, as compared to a net loss of $1.3 million or ($0.02) per share on both a basic and fully diluted basis for the same period in 2013. Curis reported a net loss of $7.5 million, or ($0.09) per share on both a basic and fully diluted basis for the six months ended June 30, 2014, as compared to a net loss of $6.3 million or ($0.08) per share on both a basic and fully diluted basis for the same period in 2013.

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