Curis reports smaller loss in 3Q and says it expects lower spending for full year 2009
By APThursday, October 29, 2009
Curis shrinks 3Q loss as partnership revenue rises
CAMBRIDGE, Mass. — Cancer drug developer Curis Inc. posted a narrower third-quarter loss Thursday due to greater revenue from partnerships.
Curis said it lost $4 million, or 6 cents per share, compared with a loss of $4.6 million, or 7 cents per share. Its expenses held steady, and revenue grew to $765,000 from $87,000. Thomson Reuters says analysts expected a loss of 6 cents per share and $910,000 in revenue.
Curis is conducting an early-stage trial of potential cancer drug called CUDC-101, and has a partnership with Roche’s Genentech unit on GDC-0449, which is being tested against advanced basal cell carcinoma and ovarian cancer. It also announced a partnership with Debiopharm during the third quarter, and Debiopharm is now covering all the costs of developing a cancer treatment called CUDC-305.
Due to lower spending on a study of CUDC-101, Curis said it now expects to finish 2009 with $21 million to $24 million in cash, cash equivalents and market securities. In February, it projected $12 million to $15 million. Curis called for $9 million to $11 million in research and development spending, down from a prior range of $15 million to $18 million.
In midday trading, Curis stock added 10 cents, or 5.1 percent, to $2.06.
