Curis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
September 16 2016 - 10:27AM
Curis, Inc. (NASDAQ:CRIS), a biotechnology company focused on the
development and commercialization of innovative and effective drug
candidates for the treatment of human cancers, today announced that
on September 12, 2016, the independent Compensation Committee of
the Board of Directors of Curis approved the grant of inducement
stock options to purchase a total of 521,000 shares of Curis common
stock to six new employees, with a grant date of September 12, 2016
(the “Q3 2016 Inducement Grants”).
Each of the Q3 2016 Inducement Grants has an exercise price per
share equal to the closing price of the Company's common stock on
September 12, 2016, the date of grant. Each stock option has
a 10 year term and vests over four years, with 25% of the original
number of shares underlying the award vesting on the first
anniversary of the employee’s date of hire and an additional 6.25%
of the original number of shares underlying the award vesting on
each successive three-month period thereafter, subject to the new
employee's continued service with the Company through the
respective vesting dates. Each stock option was granted as an
inducement equity award outside of the Company's Amended and
Restated 2010 Stock Incentive Plan, as amended, and was made as an
inducement material to such employee's acceptance of employment
with the Company.
About Curis, Inc.
Curis is a biotechnology company focused on the development and
commercialization of innovative and effective drug candidates for
the treatment of human cancers. The company's clinical drug
candidates include CUDC-907, which is being investigated in a Phase
2 trial in patients with Diffuse Large B Cell Lymphoma, or DLBCL,
and in a separate Phase 1 trial in patients with solid tumors. As
part of a broad collaboration with Aurigene, Curis has exclusive
licenses to oral small molecule antagonists of the PD-1 and VISTA
pathways, including the PD-L1/VISTA antagonist, CA-170 that is
currently being investigated in a Phase 1 trial in patients with
solid tumors or lymphoma. Curis also has an exclusive license to
molecules designed to inhibit IRAK4, including CA-4948, currently
in the pre-IND stage of development. Curis is also party to a
collaboration with Genentech, a member of the Roche Group, under
which Genentech and Roche are commercializing Erivedge® for the
treatment of advanced basal cell carcinoma, and are further
developing Erivedge in other diseases including idiopathic
pulmonary fibrosis and myelofibrosis. For more information, visit
Curis's website at www.curis.com.
Cautionary Note Regarding Forward-Looking
Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including without limitation statements regarding: Curis'
goals relating to advancing its drug candidates into later stages
of development, with the objective of bringing its drugs to cancer
patients and creating long-term shareholder value. Forward-looking
statements used in this press release may contain the words
"believes," "expects," "anticipates," "plans," "seeks,"
"estimates," "assumes," "will," "may," "could" or similar
expressions. These forward-looking statements are not guarantees of
future performance and involve risks, uncertainties, assumptions
and other important factors that may cause actual results to be
materially different from those indicated by such forward-looking
statements. For example, Curis faces a number of risks inherent in
the research and development of novel drugs to treat cancer and may
not be able to successfully advance the development of any of its
programs in the time frames it projects, if at all. Curis and its
collaborators may experience adverse results, delays and/or
failures in their drug development programs. Curis' drug candidates
are unproven and may cause unexpected toxicities and/or fail to
demonstrate sufficient safety and efficacy in clinical trials and
may never achieve the requisite regulatory approval needed for
commercialization. The FDA could impose restrictions on clinical
trials of Curis' drug candidates, which could delay, make more
costly or otherwise adversely impact Curis' future development
plans. Curis will require substantial additional capital to fund
its research and development programs, and such capital may not be
available on reasonable terms, or at all. Curis may not obtain or
maintain necessary patent protection for its programs and could
become involved in expensive and time consuming patent litigation
and interference proceedings. Curis faces substantial competition
from other companies developing cancer therapeutics. Curis is
dependent upon third party collaborations such as Genentech and
Aurigene, and may not be able to maintain these arrangements on
acceptable terms, or at all. Unstable market and economic
conditions may adversely affect Curis' financial condition and its
ability to access capital to fund the growth of its business. Curis
also faces risks relating to: potential adverse decisions made by
the FDA and other regulatory authorities, investigational review
boards, and publication review bodies; competition; its ability to
obtain or maintain necessary patent protection; unstable market and
economic conditions; unplanned expenses; and other important risks
relating to its business, operations, financial condition and
future prospects that are discussed in its most recent Form 10-K
and Form 10-Q and other filings that it periodically makes with the
Securities and Exchange Commission.
In addition, any forward-looking statements represent the views
of Curis only as of today and should not be relied upon as
representing Curis's views as of any subsequent date. Curis
disclaims any intention or obligation to update any of the
forward-looking statements after the date of this press release
whether as a result of new information, future events or otherwise,
except as may be required by law.
For More Information:
James E. Dentzer
Chief Financial Officer & Chief Administrative Officer
Curis, Inc.
617-503-6500
jdentzer@curis.com
Media Contact:
David Schull
Russo Partners
212-845-4271
david.schull@russopartnersllc.com
Curis (NASDAQ:CRIS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Curis (NASDAQ:CRIS)
Historical Stock Chart
From Apr 2023 to Apr 2024