Company Update (NASDAQ:CRIS): Curis Announces Proposed Public Offering of Common Stock
Curis, Inc. (NASDAQ:CRIS), announced that it has commenced an underwritten public offering of shares of its common stock. In connection with this offering, Curis intends to grant the underwriters for the offering a 30-day option to purchase an additional 15% of the shares of its common stock offered in the public offering. All of the shares in the offering are to be sold by Curis.
The joint book-running managers for the proposed offering are Cowen and Company, LLC and RBC Capital Markets, LLC. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
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.
Shares of Curis Inc. closed today at $2.80. 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 $2.07 and it’s 200-day moving average is $1.58.
On the ratings front, Curis 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 92.3% 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.