Curis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
January 06 2017 - 4:12PM
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 January 1, 2017, the independent Compensation Committee of the
Board of Directors of Curis approved the grant of inducement stock
options to purchase a total of 185,000 shares of Curis common stock
to eight new employees, with a grant date of January 1, 2017 (the
“Q1 2017 Inducement Grants”).
Each of the Q1 2017 Inducement Grants has an exercise price per
share equal to the closing price of the Company's common stock on
December 30, 2016, the last trading date prior to 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, including its lead development
candidate, CUDC-907 that is being investigated in clinical studies
in patients with lymphomas and solid tumors. Curis is also
engaged in a broad collaboration with Aurigene in the areas of
immuno-oncology and precision oncology. As part of this
collaboration, Curis has exclusive licenses to oral small molecule
antagonists of the PD-1 and VISTA pathways, including PD-L1/VISTA
antagonist CA-170, and oral small molecule antagonists of the PD-1
and TIM-3 pathways, including PD-L1/TIM-3 antagonist CA-327, as
well as to molecules designed to inhibit the IRAK4 kinase,
including CA-4948. CA-170 is currently undergoing testing in
a Phase 1 trial in patients with advanced solid tumors and
lymphomas. 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 the
potential advantages and benefits of small molecule checkpoint
inhibitors and Curis’s plans and expectations for the collaboration
with Aurigene, including its plans to discover and develop multiple
first-in-class oral, small molecule checkpoint inhibitors for the
treatment of patients with cancer. Forward-looking statements
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 may experience
adverse results, delays and/or failures in its drug development
programs and may not be able to successfully advance the
development of its drug candidates in the time frames it projects,
if at all. Curis's drug candidates may cause unexpected toxicities,
fail to demonstrate sufficient safety and efficacy in clinical
studies and/or may never achieve the requisite regulatory approvals
needed for commercialization. Favorable results seen in preclinical
studies and early clinical trials of Curis’s drug candidates may
not be replicated in later trials. There can be no guarantee
that the collaboration agreement with Aurigene will continue for
its full term, that Curis or Aurigene will each maintain the
financial and other resources necessary to continue financing its
portion of the research, development and commercialization costs,
that the parties will successfully discover, develop or
commercialize drug candidates under the collaboration, or that
Curis receive full or partial benefit of payments waived by
Aurigene. Curis Royalty may not receive sufficient levels of
royalty revenue from sales of Erivedge to satisfy its
royalty-collateralized debt obligation or may otherwise lose its
rights to Erivedge royalties and royalty-related payments as a
result of a foreclosure of the loan. Curis will require substantial
additional capital to fund its business and such capital may not be
available on reasonable terms, or at all. 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
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