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LEXINGTON, Mass. - Biotechnology company Curis, Inc. (NASDAQ:CRIS), currently valued at $22.49 million and showing weak financial health according to InvestingPro metrics, announced Wednesday it has secured approximately $7 million in financing through a registered direct offering and concurrent private placement with existing and new investors.
The company will sell 1,538,460 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules. Additionally, in a private placement, Curis will issue unregistered pre-funded warrants to purchase up to 1,538,461 shares at $0.01 per share and unregistered warrants to purchase up to 3,076,921 shares at $2.15 per share. The stock, which has seen a significant 49% decline over the past six months, currently trades below its InvestingPro Fair Value.
The combined purchase price is $2.275 for one share and associated common warrant, and $2.265 for one pre-funded warrant and associated common warrant. The pre-funded warrants will be exercisable immediately until fully exercised, while the common warrants will be exercisable immediately for five years.
Curis plans to use the proceeds for research, development, working capital, and general corporate purposes. The transactions are expected to close around July 3, 2025, subject to customary closing conditions.
Laidlaw & Company (U.K.) Ltd. and Jones are serving as placement agents for the offerings.
Curis focuses on developing emavusertib, an oral small molecule IRAK4 inhibitor currently being evaluated in clinical trials for various types of lymphoma and leukemia. The drug has received Orphan Drug Designation from both U.S. and European regulatory authorities for several conditions.
The information in this article is based on a press release statement from Curis.
In other recent news, Curis reported a net loss of $10.6 million, or $1.25 per share, for the first quarter of 2025, which is an improvement from the $11.9 million loss, or $2.05 per share, in the same quarter last year. Despite the losses, the company highlighted promising results from its emavucertib studies in cancer treatment, which have shown potential in ongoing clinical trials. H.C. Wainwright has resumed coverage on Curis with a Buy rating and set a price target of $17, reflecting confidence in the company’s direction and the therapeutic potential of emavucertib. Curis continues to invest in its research and development, particularly focusing on expanding its emavucertib program into additional cancer indications such as Non-Hodgkin’s Lymphoma and Acute Myeloid Leukemia. The company has projected that its cash runway will extend into the fourth quarter of 2025, ensuring financial stability for ongoing operations and research. Additionally, Curis has welcomed Dr. Ahmed Hamdi as the new Chief Medical Officer, who expressed enthusiasm for advancing emavucertib towards regulatory filings. The company plans to present further data at upcoming conferences, which will be closely watched by investors and industry experts.
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