Curis Inc., a drug development company seeking to develop next-generation targeted small-molecule drug candidates for cancer treatment, today posted its financial results for the fourth quarter and fiscal year ended December 31, 2011.
Curis reported fourth quarter 2011 net income of $6.1 million, or $0.08 per basic share and $0.07 per fully diluted share, as compared to a net loss of $5.6 million, or ($0.07) per share on both a basic and fully diluted basis, for the comparable quarter of 2010.
The company reported revenues for the fourth quarter of 2011 at $14.1 million, an increase over the $100,000 reported for the same period in 2010. The company attributes the increase to license fee revenues for payments that Curis received from Genentech upon obtaining certain regulatory objectives related to Erivedge.
Operating expenses were $6.5 million for the fourth quarter of 2011 as compared to $5.7 million for the same period in 2010.
For the full year ended December 31, 2011, Curis reported a net loss of $9.9 million, or ($0.13) per basic and fully diluted share, as compared to a net loss of $4.4 million, or ($0.06) per basic and fully diluted share, for the year ended December 31, 2010.
Revenues for the fiscal year 2011 were $14.8 million as compared to revenues of $16.0 million for full year 2010, reflecting lower license fee revenues in 2011.
Operating expenses decreased to $22.0 million for the year ended December 31, 2011, as compared to $21.6 million for the same period in 2010.
As of December 31, 2011, the company reported cash, cash equivalents, and marketable securities totaling $37.7 million and 77.1 million shares of common stock outstanding.
Curis also provided its financial and regulatory expectations for 2012.
"We look forward to what we anticipate will be a year of continued growth and value creation of our company in 2012, including the U.S. launch and potential European regulatory approval of Erivedge in advanced basal cell carcinoma, possible data for Erivedge in other indications, our planned advancement of CUDC-101 and CUDC-907 and Debiopharm's progression of Debio 0932," Dan Passeri, president and CEO of Curis stated in the press release.
The company said it expects to end 2012 with cash, cash equivalents and marketable securities of $23 million to $27 million, excluding royalty revenues it expects to receive from Genentech on its net sales of Erivedge.
For more information visit www.curis.com
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