Curis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
April 05 2017 - 07:00AM
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 April 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 259,000 shares of Curis common stock
to six new employees, with a grant date of April 1, 2017 (the “Q2
2017 Inducement Grants”).
Each of the Q2 2017 Inducement Grants has an exercise price per
share equal to the closing price of the Company's common stock on
March 31, 2017, 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 which 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 PD1 and VISTA pathways, including PDL1/VISTA
antagonist CA-170, and oral small molecule antagonists of the PD1
and TIM3 pathways, including PDL1/TIM3 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 any
expectations of revenue, expenses, earnings or losses from
operations, or other financial results, statements with respect to
the plans, strategies and objectives of management for future
operations, the potential advantages and benefits of small molecule
checkpoint antagonists and the Company's plans and expectations for
the collaboration with Aurigene, including its plans to
discover and develop multiple first-in-class oral, small molecule
checkpoint antagonists 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, or that the parties will
successfully discover, develop or commercialize drug candidates
under the collaboration. Regulatory authorities may determine to
delay or restrict Genentech's and/or Roche's ability to continue to
develop or commercialize Erivedge in BCC. Erivedge may not
demonstrate sufficient or any activity to merit its further
development in disease indications other than BCC. Competing drugs
may be developed that are superior to Erivedge. Curis faces risks
relating to its wholly-owned subsidiary's royalty-collateralized
loan transaction, including the risk that it may not receive
sufficient levels of royalty revenue from sales of Erivedge to
satisfy the debt obligation or may otherwise lose its rights to
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 faces substantial competition.
Curis also faces risks relating to potential adverse decisions made
by the FDA and other regulatory authorities, investigational review
boards, and publication review bodies. Curis may not obtain or
maintain necessary patent protection and could become involved in
expensive and time consuming patent litigation and interference
proceedings. Unstable market and economic conditions and unplanned
expenses may adversely affect Curis's financial conditions and its
ability to access the substantial additional capital needed to fund
the growth of its business. Important factors that may cause or
contribute to such differences include the factors set forth under
the caption “Risk Factors” in our in our most recent Form 10-K and
Form 10-Q and the factors that are discussed in other filings that
we periodically make with the Securities and Exchange Commission
(“SEC”). 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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