Curis, Inc. (Nasdaq:CRIS), announced the pricing of an underwritten registered public offering of 21,818,181 shares of its common stock at a public offering price of $2.75 per share resulting in aggregate proceeds of $60.0 million, before underwriting discounts, commissions and estimated expenses. All of the shares to be sold in the offering are to be sold by Curis. The offering is expected to close on or about March 2, 2015, subject to the satisfaction of customary closing conditions. The joint book-running managers for the offering are Cowen and Company, LLC and RBC Capital Markets and Robert W. Baird & Co. Incorporated and Roth Capital Partners, LLC are acting as co-lead managers for the offering.
Curis has granted the underwriters a 30-day option to purchase up to an additional 3,272,727 shares of its common stock at the public offering price. The expected gross proceeds to Curis referenced above do not include any proceeds that Curis would receive if the underwriters exercise such option.
Curis anticipates using the net proceeds from the offering to conduct further preclinical testing and clinical studies of its product candidates, particularly CUDC-907 and any product candidates for which it may exercise its option to exclusively in-license from Aurigene Discovery Technologies Limited, to fund potential acquisitions of new business, technologies or products that it believes complement or expand its business, and for general working capital and capital expenditures. The shares will be issued by Curis pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (“SEC”). A preliminary prospectus supplement related to the offering has been filed with the SEC and can be accessed on the SEC’s website located at www.sec.gov. A final prospectus supplement will be filed with the SEC. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, 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.
Shares of Curis Inc. closed yesterday at $2.8 . CRIS has a 1-year high of $3.50 and a 1-year low of $1.09. The stock’s 50-day moving average is $2.11 and it’s 200-day moving average is $1.59.
On the ratings front, Curis Inc. has been the subject of a number of recent research reports. In a report issued on January 28, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on CRIS, with a price target of $6, which represents a potential upside of 114.3% from where the stock is currently trading. Separately, on January 21, Cowen’s Boris Peaker reiterated a Buy rating on the stock .
Curis, Inc., is a drug discovery and development company. The Company is engaged in the development of its proprietary targeted cancer drug candidates, including CUDC-907, HDAC and phosphatidylinositol-3-kinase, or PI3K.