This excerpt taken from the CRIS 8-K filed Oct 28, 2008.
Conference Call to be Held Today at 10:00 a.m. EDT
CAMBRIDGE, MA, October 28, 2008 - Curis, Inc. (NASDAQ:CRIS), a drug development company focused on seeking to develop next generation targeted small molecule drug candidates for cancer treatment, today reported its financial results for the third quarter ended September 30, 2008.
This quarter was a productive period at Curis, as we announced significant progress with our development programs, including our initiation of a Phase I clinical trial of CUDC-101 in solid tumors and our selection of CUDC-305 as a development candidate. We expect further progress in the coming months, as Genentech has indicated that it expects to initiate a Phase II trial of GDC-0449 in ovarian cancer by the end of the year and another Phase II trial in advanced basal cell carcinoma in the first half of 2009, said Dan Passeri, Curis President and Chief Executive Officer. In addition to the continued development of our proprietary drug candidates, we also plan to continue to focus our efforts on seeking to establish a third-party collaboration for one or more of our targeted cancer programs. Consistent with our strategy over the past two years, we will seek to secure higher-value alliances by retaining ownership of our lead drug candidates into the later stages of preclinical testing or into the early stages of clinical development.
For the third quarter of 2008, Curis reported a net loss of $4.6 million or ($0.07) per share, as compared to a net loss of $3.7 million or ($0.06) per share for the same period in the prior year.
For the nine-month period ending September 30, 2008, Curis reported a net loss of $10.0 million or ($0.16) per share, as compared to a net loss of $11.3 million or ($0.22) per share for the same period in the prior year.
Revenues for the nine months ended September 30, 2008, were $5.3 million as compared to $4.9 million for the same period in the prior year, an increase of 8%.
Operating expenses were $16.1 million for the nine months ended September 30, 2008, as compared to $17.1 million for the same period in the prior year, a decrease of 6%. Research and development expenses were $9.7 million for the nine months ended September 30, 2008, as compared to $9.5 million for the same period in the prior year, an increase of 2%. General and administrative expenses were $6.4 million for the nine months ended September 30, 2008, as compared to $7.5 million for the same period in the prior year, a decrease of 15%.
As of September 30, 2008, Curis cash, cash equivalents and marketable securities totaled $29.9 million, and there were 63,437,985 shares of common stock outstanding.
We currently expect to end 2008 with between $26 and $28 million in cash. This estimate includes an expected $3 million milestone payment from Genentech upon its initiation of a Phase II trial in advanced ovarian cancer, said Mike Gray, Chief Financial and Chief Operating Officer. We recently implemented spending reductions in various general and administrative and preclinical research areas. Spending reductions include decreases in contract medicinal chemistry and biology being performed on our preclinical research programs in China, personnel, legal and occupancy costs. After giving effect to these cost reductions, we expect that Curis will have capital to fund its currently-planned operations into the first half of 2010. If we successfully enter into a third-party collaboration that includes an upfront payment to us, then any such payments would be expected to further extend that period.