LEXINGTON, Mass., May 29, 2018 /PRNewswire/ -- Curis, Inc.
(NASDAQ: CRIS), a biotechnology company focused on the development
and commercialization of innovative and effective therapeutics for
the treatment of cancer, today announced that its previously
disclosed 1-for-5 reverse stock split will be effective as of
5:00 p.m. Eastern Time today,
May 29, 2018. Curis's common
stock will begin trading on the Nasdaq Global Market on a
split-adjusted basis when the market opens on Wednesday, May 30, 2018. The new CUSIP
number for Curis's common stock following the reverse stock split
is 231269 200.
The reverse stock split affects all issued and outstanding
shares of Curis's common stock, as well as the number of shares of
common stock available for issuance under the Company's equity
incentive plans. The reverse stock split will reduce the
number of shares of the Curis's issued and outstanding common stock
from approximately 337,500,000 million to approximately 67,500,000
million. In addition, the reverse stock split will effect a
reduction in the number of shares of common stock issuable upon the
exercise of stock options outstanding immediately prior to the
reverse stock split, with a proportional increase in exercise
price. The reverse stock split will proportionately reduce
the number of authorized shares of common stock. The reverse stock
split will not change the par value of the common stock or the
authorized number of shares of preferred stock of Curis.
The reverse stock split will affect all holders of common stock
uniformly and will not alter any stockholder's percentage ownership
interest in Curis, except to the extent that the reverse stock
split would result in a stockholder owning a fractional share. No
fractional shares of common stock will be granted in connection
with the reverse stock split; stockholders who otherwise would be
entitled to a fractional share of common stock will be entitled to
receive a proportional cash payment.
Curis's transfer agent, Computershare, will instruct certificate
stockholders on the process for exchanging their pre-split stock
certificates for post-split stock certificates and receiving
payment for any fractional interests. Stockholders holding their
shares in book-entry form or in brokerage accounts need not take
any action in connection with the reverse stock split.
Beneficial holders are encouraged to contact their bank, broker or
custodian with procedural questions.
About Curis
Curis is a biotechnology company focused on the development and
commercialization of innovative and effective drug candidates for
the treatment of human cancers, including fimepinostat (CUDC-907),
which is being investigated in clinical studies in patients with
lymphomas and solid tumors. Curis is also engaged in a
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 dual antagonists of PD1
and VISTA, including PDL1/VISTA antagonist CA-170, and oral small
molecule dual antagonists of PD1 and TIM3, 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, and in a Phase 2 trial in India conducted by Aurigene. CA-4948 is
currently undergoing testing in a Phase 1 trial in patients with
non-Hodgkin 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. 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 U.S. Private Securities Litigation Reform Act of
1995, including statements relating to the effectiveness of the
reverse stock split. Forward-looking statements may contain the
words "believes," "expects," "anticipates," "plans," "intends,"
"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 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.
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SOURCE Curis, Inc.