LEXINGTON, Mass., July 6, 2023
/PRNewswire/ -- Curis, Inc. (Nasdaq: CRIS), a biotechnology
company focused on the development of emavusertib, a
triple target inhibitor (IRAK4, FLT3 and CLK) for the treatment of
hematologic malignancies, today announced that it has entered into
definitive agreements led by existing investors for the purchase of
18.4 million of its shares of common stock at a purchase price of
$0.82 per share in a registered
direct offering priced at-the-market under Nasdaq rules.
Gross proceeds to the Company from the offering are expected to
be approximately $15.1 million,
before deducting the placement agents' fees and other offering
expenses payable by Curis. Curis intends to use the net proceeds
from the offering on research, development, working capital, and
other general corporate purposes. The closing of the offering is
expected to occur on or about July 10,
2023, subject to the satisfaction of customary closing
conditions. Cantor Fitzgerald & Co. and Truist Securities, Inc.
are acting as the placement agents for the offering.
The shares are being offered pursuant to a shelf registration
statement on Form S-3 (File No. 333-254362) that was filed with the
United States Securities and Exchange Commission ("SEC") on
March 16, 2021, as amended by
Post-Effective Amendment No. 1 to Form S-3 Registration Statement
and Post-Effective Amendment No. 2 to Form S-3 Registration
Statement, each filed with the SEC on February 24, 2022. 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 Cantor Fitzgerald & Co.,
Attention: Capital Markets, 499 Park Avenue, 4th Floor,
New York, NY, 10022, by email at
prospectus@cantor.com or from Truist Securities, Inc., Attention:
Prospectus Department, 3333 Peachtree Road NE, 9th floor,
Atlanta, Georgia 30326, by
telephone at (800) 685-4786, or by email at
TruistSecurities.prospectus@Truist.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, emavusertib (CA-4948). Emavusertib is
currently undergoing testing in the Phase 1/2 TakeAim Lymphoma
trial in patients with hematologic malignancies, such as
non-Hodgkin's lymphoma and other B cell malignancies, both as a
monotherapy and in combination with BTK inhibitor ibrutinib, and
the Phase 1/2 TakeAim Leukemia trial in patients with acute myeloid
leukemia and myelodysplastic syndrome, for which it has received
Orphan Drug Designation from the U.S. Food and Drug Administration.
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.
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, any statements with respect to
Curis's registered direct offering, anticipated use of proceeds and
plans, prospects for Curis and the expected closing of the
offering. Forward-looking statements may contain the words
"believes," "expects," "anticipates," "plans," "intends," "seeks,"
"estimates," "assumes," "predicts," "projects," "targets," "will,"
"may," "would," "could," "should," "continue," "potential,"
"focus," "strategy," "mission," or similar expressions. 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
Annual Report on Form 10-K for the year ended December 31, 2022 and Curis's Quarterly Report on
Form 10-Q for the quarter ended March 31,
2023, Curis's prospectus supplement to be filed with the
SEC, and in other filings that Curis periodically makes with
the SEC. In addition, any forward-looking statements included
in this press release represent the view 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.