Curis Announces Stock Repurchase Program
CAMBRIDGE, Mass.--(BW HealthWire)--May 31, 2002--Curis, Inc. (NASDAQ: CRIS - News) today announced that its Board of Directors has approved a stock repurchase program authorizing the company to buy back up to $3 million of the corporation's common stock. Repurchases will take place on the open market from time to time based on market conditions. The repurchase program has no time limit and may be suspended for periods or discontinued.
On February 14, 2002 Curis announced that it was implementing a comprehensive realignment of its research and development programs and focusing its resources on its proprietary signaling pathways and stem cell technologies, including the Bone Morphogenic Protein (BMP) and the Hedgehog family of products. The realignment refined Curis' product focus and affected its development and clinical programs, as well as its corporate structure. Curis now deploys its resources in a highly focused manner on its core strengths driving and creating shareholder value by expediting product development in its most promising assets.
"We reiterate our full confidence in the underlying strengths and potential of Curis," said Daniel R. Passeri, President and Chief Executive Officer. "These purchases underscore our commitment to enhancing long-term shareholder value. Our reevaluation of programs based on expertise, competitive advantage, and cost efficiencies has led us to consolidate our efforts and focus on the development of drugs based on the significant opportunities we see in the signaling pathways."
About Curis
Curis, Inc. is generating therapies that are designed to regulate the pathways used by the body to maintain and restore health. The company focuses on signaling pathways that govern the proliferation and differentiation of cells. These same pathways control maintenance, repair, and regeneration of tissues and organs from infancy through old age. This approach has created an approved product for bone regeneration and is being used to enable Curis to build a portfolio of product candidates in neurology, kidney disease, and cancer. For more information, please visit the Curis web site at www.curis.com.
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements address a variety of subjects, including, for example, projected net losses, generating stockholder value, operating capital requirements, operating efficiencies, strategic collaboration efforts and product development efforts. Statements in this press release that state Curis' or management's intentions, plans, expectations or predictions of future events are forward-looking statements. The matters discussed in this press release also involve risks and uncertainties that may cause Curis' actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: Curis' need for partnerships to move forward its cell therapy programs, the early stage of product development of Curis' retained programs, uncertainties related to clinical trials, uncertainties related to Curis' ability to raise additional capital, changes in or an inability to execute Curis' realigned business strategy and other risk factors described from time to time in Curis' periodic reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, Curis' Annual Report on Form 10-K for the year ended December 31, 2001 filed on March 29, 2002. Curis cannot guarantee any future results, levels of activity, performance, or achievements. Moreover, neither Curis nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements. Curis undertakes no obligation to update any of the forward-looking statements after the date of this press release.
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Contact:
Curis, Inc.
Henry W. McCusker
617-503-6641
or
Noonan Russo/Presence Euro RSCG
Melissa Wainberg
(212) 696-4455 x 220 |
