LEXINGTON, Mass., Oct. 5, 2018 /PRNewswire/ -- Curis,
Inc. (NASDAQ: CRIS), a biotechnology company focused on the
development and commercialization of innovative therapeutics for
the treatment of cancer, today announced that on October 1, 2018, the independent Compensation
Committee of the Board of Directors of Curis approved the grant of
inducement stock options to purchase 30,000 shares of Curis common
stock to a new employee, with a grant date of October 1, 2018 (the "Q4 2018 Inducement
Grant").
The Q4 2018 Inducement Grant has an exercise price per share
equal to the closing price of the Company's common stock on
October 1, 2018. The 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
employee's continued service with the Company through the
respective vesting dates. The stock option was granted as an
inducement equity award outside of the Company's Third Amended and
Restated 2010 Stock Incentive Plan and was made as an inducement
material to the employee's acceptance of employment with the
Company.
About Curis, Inc.
Curis is a biotechnology company focused on the development and
commercialization of innovative therapeutics for the treatment of
cancer, including fimepinostat, which is being investigated in
clinical studies in patients with diffuse large B-cell lymphoma
(DLBCL) and solid tumors. Curis is also engaged in a collaboration
with Aurigene Discovery Technologies Limited, or 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 immune checkpoints, including the programmed death
ligand-1 (PDL1)/ V-domain Ig suppressor of T cell activation
(VISTA) antagonist, CA-170, and the PDL1/T-cell immunoglobulin and
mucin domain containing protein-3 (TIM3) antagonist, CA-327, as
well as the Interleukin-1 receptor-associated kinase 4 (IRAK4)
kinase inhibitor, 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
advanced non-Hodgkin lymphomas. Curis is also party to a
collaboration with F. Hoffmann-La Roche Ltd, or Roche, and
Genentech Inc., or Genentech, a member of the Roche Group, under
which Genentech and Roche are commercializing Erivedge® for the
treatment of advanced basal cell carcinoma (BCC). 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 and the Company's plans to advance its development
programs. 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 maintain its listing on the Nasdaq Global Market and
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 Curis's most recent Form 10-K and Form 10-Q and
the factors that are discussed in other filings that the Company
periodically makes with the Securities and Exchange Commission
("SEC"). In addition, any forward-looking statements
represent the views of Curis only as of the date of this press
release 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.