LEXINGTON, Mass., Dec. 14, 2020 /PRNewswire/ -- Curis, Inc.
(NASDAQ: CRIS), a biotechnology company focused on the
development of innovative therapeutics for the treatment of cancer,
today announced the closing of its underwritten public offering of
29,500,000 shares of its common stock, including the exercise in
full by the underwriters of their option to purchase up to an
additional 3,847,826 shares, at the public offering price of
$5.75 per share (the Offering). Curis
expects the net proceeds from the Offering to be approximately
$159.1 million, after deducting
underwriting discounts and commissions and estimated offering
Cantor Fitzgerald & Co. and JonesTrading Institutional
Services LLC acted as joint book-runners for the Offering.
H.C. Wainwright & Co., LLC and Laidlaw & Company (UK)
Ltd. acted as co-lead managers.
Curis intends to use the net proceeds from the Offering,
together with its existing cash and cash equivalents, to continue
development of CA-4948, in collaboration with Aurigene, and
CI-8893, in collaboration with ImmuNext, and for general working
capital and capital expenditures. Curis estimates that the
net proceeds from the Offering, together with its existing cash and
cash equivalents, will enable it to fund its operating expenses and
capital expenditure requirements into 2023.
The securities in the Offering were 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
and an additional registration statement on Form S-3 (File No.
333-251211) filed pursuant to Rule 462(b) which became
automatically effective on December 9,
2020. The offering was made only by a means of a written
prospectus and a prospectus supplement that form a part of the
registration statement. A final prospectus supplement and
accompanying prospectus relating to the Offering has been filed
with the SEC and is available on the SEC's website at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus may also be obtained by contacting Cantor Fitzgerald
& Co., Attention: Capital Markets, 499 Park Ave.,
6th Floor, New York, New
York 10022 or by email at email@example.com.
The securities described above have not been qualified under any
state blue sky laws. 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
About Curis, Inc.
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's lymphoma and in a Phase 1 trial in patients with
acute myeloid leukemia and myelodysplastic syndromes. In addition,
Curis is engaged in a collaboration with ImmuNext for development
of CI-8993, a monoclonal anti-VISTA antibody, which is
currently undergoing testing in a Phase 1a/1b trial in
patients with solid tumors. 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.
Any statements in this press release about future expectations,
plans and prospects for Curis, Inc., including statements
about Curis's anticipated use of proceeds from the Offering, the
period in which Curis expects that its cash and cash equivalents
will fund its operations, plans and prospectus 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 impact of general economic, industry or
political conditions in the United
States or internationally, the COVID-19 pandemic, unplanned
expenses, adverse clinical trial outcomes, disruptions in
relationships with collaborators, and additional risks and
uncertainties relating to Curis and its business that are described
under the caption "Risk Factors" in Curis's Quarterly Report on
Form 10-Q for the quarter ended September
30, 2020, and Curis's prospectus and prospectus supplement
related to the Offering, each 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
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SOURCE Curis, Inc.