Curis climbs as biotech cites flexibility after royalty revenue deal with Oberland Capital
Curis Inc (NASDAQ:CRIS) rallied in Tuesday’s extended trading after saying in its statement of 2018 results that the deal to sell part of its royalty revenue to Oberland Capital Management LLC gives it the flexibility needed to focus on clinical work.
The biotech has agreed to sell for as much as $135.7 million the rights to part of the royalty revenue from a treatment approved for patients with advanced basal cell carcinoma.
Shares of Curis were up 11% to $2.23 in Tuesday’s after-hours Nasdaq trading.
READ: Biotech company Curis rallies on deal worth up to $135.7M to sell part of carcinoma royalty revenue
“With our recently announced agreement with Oberland Capital, we secured the financial flexibility needed to ensure we can continue to move forward aggressively in our clinical execution,” Curis President and CEO James Dentzer said in a statement.
Highlights of 2018 included the initiation of a study of a combination of fimepinostat and venetoclax in the treatment of diffuse large B-cell lymphoma.
The company is also working with Aurigene Discovery Technologies Ltd to develop first-in-class therapeutics in immuno-oncology and precision oncology.
As of December 31, cash, cash equivalents, marketable securities and investments for Lexington, Massachusetts-based Curis totaled $24.3 million. The sale of a portion of royalties for the Erivedge treatment to Oberland will provide net proceeds of about $30 million before closing costs and transaction fees, the company said.
For 2018, Curis reported a net loss of $32.6 million, or $0.98 per share, compared with a net loss of $53.3 million, or $1.79 per share, a year earlier.
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/217271/curis-climbs-as-biotech-cites-flexibility-after-royalty-revenue-deal-with-oberland-capital-217271.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).