LEXINGTON, Mass., April 6, 2018 /PRNewswire/ -- 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 2, 2018, the independent
Compensation Committee of the Board of Directors of Curis approved
the grant of inducement stock options to purchase a total of
250,000 shares of Curis common stock to three new employees, with a
grant date of April 2, 2018 (the "Q2
2018 Inducement Grants").
Each of the Q2 2018 Inducement Grants has an exercise price per
share equal to the closing price of the Company's common stock on
April 2, 2018. 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 Second Amended and
Restated 2010 Stock Incentive Plan 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 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. CA-4948 is currently undergoing testing in a Phase
1 trial in patients with lymphoma. 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 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 for the Company's proprietary drug
candidates, the potential advantages and benefits of small molecule
checkpoint antagonists, 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,
and the Company's plans to advance its development programs,
including the timing of IND filings. 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 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.