LEXINGTON, Mass., June 11, 2020 /PRNewswire/ -- Curis, Inc.
(NASDAQ: CRIS), a biotechnology company focused on the
development of innovative therapeutics for the treatment of cancer,
today announced that it has entered into definitive agreements with
fundamental healthcare investors for the purchase and sale of
14,000,000 of its shares of common stock at a purchase price of
$1.25 per share in a registered
direct offering. The closing of the offering is expected to occur
on or about June 15, 2020, subject to
the satisfaction of customary closing conditions.
JonesTrading Institutional Services LLC ("JonesTrading") is
acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering are expected
to be $17.5 million, before deducting
the placement agent's fees and other offering expenses payable by
Curis.
Curis intends to use the net proceeds from the public offering,
together with its existing cash, cash equivalents and investments,
to continue development of CA-4948 and CI-8893, and for general
working capital and capital expenditures.
The shares are being offered pursuant to a shelf registration
statement on Form S-3 (File No. 333-224627) that was filed with the
United States Securities and Exchange Commission ("SEC") on
May 3, 2018, and declared effective
by the SEC on May 17, 2018. A
prospectus supplement relating to and describing the terms of the
offering will be filed with the SEC and will be available on the
SEC's website at www.sec.gov. The offering is being made only by
means of a prospectus and related prospectus supplement. When
available, electronic copies of the prospectus supplement and the
accompanying prospectus may also be obtained from JonesTrading
Institutional Services LLC by calling (212) 907-5332, or by
e-mailing Compliance@jonestrading.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Curis
Curis is a biotechnology company focused on the development of
innovative therapeutics for the treatment of cancer. In 2015, Curis
entered into 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
antagonists of immune checkpoints including, the VISTA/PDL1
antagonist CA-170 and the TIM3/PDL1 antagonist CA-327, as well as
the IRAK4 kinase inhibitor, CA-4948. CA-4948 is currently
undergoing testing in a Phase 1 trial in patients with non-Hodgkin
lymphoma. In addition, Curis is engaged in a collaboration with
ImmuNext for development of CI-8993, a monoclonal anti-VISTA
antibody. 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' website at
www.curis.com.
Forward-Looking Statements:
Any statements in this press release about future expectations,
plans and prospects for Curis, Inc., including statements
about Curis's registered direct offering, anticipated use of
proceeds and plans and prospects for Curis and other statements
containing the words "anticipate," "believe," "estimate," "expect,"
"intend," "may," "plan," "predict," "project," "target,"
"potential," "will," "would," "could," "should,"
"continue," "seek," "strategy," and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements. Factors that may cause such a
difference include, without limitation, risks and uncertainties
related to market and other conditions, the satisfaction of
customary closing conditions related to the registered direct
offering and the impact of general economic, industry or political
conditions in the United States or
internationally. There can be no assurance that Curis will be able
to complete the registered direct offering on the anticipated
terms, or at all. You should not place undue reliance on these
forward-looking statements. Additional risks and uncertainties
relating to the registered direct offering, Curis and its business
can be found under the caption "Risk Factors" included in Curis's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, Curis's prospectus supplement to
be filed with the SEC, and in other filings that Curis
periodically makes with the SEC. In addition, the
forward-looking statements included in this press release represent
Curis's views as of the date hereof. Curis anticipates that
subsequent events and developments will cause Curis's views to
change. However, while Curis may elect to update these
forward-looking statements at some point in the future, Curis
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Curis's views as of any date subsequent to the date
hereof.
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SOURCE Curis, Inc.