CRIS, Curis (formerly CBMI) Message Board

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Biotech / Medical : CRIS, Curis (formerly CBMI)

CRIS 1.310

+0.1%

3:59 PM EST

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To: SemiBull who wrote (429)	10/1/2002 4:09:59 PM
From: tuck	Read Replies (1) of 668

>>CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 1, 2002--Curis, Inc. (NASDAQ: CRIS - News) announced today the completion of a transaction under the terms of which Stryker Corporation will purchase the right to eliminate its future BMP-7 (OP-1) royalty obligations for $14 million in cash. In addition to obtaining immediate receipt of its future BMP-7 royalty stream, the agreement allows Curis to reduce future BMP-7 royalties owed Stryker for products in therapeutic indications other than orthopedics and dental. "We are very pleased to complete this transaction with Stryker, which provides several significant benefits to Curis," said Daniel R. Passeri, President and Chief Executive Officer of Curis. "We obtain immediate access to cash, thus allowing us an extended runway for development of Curis product initiatives. In addition, the royalty reduction provides Curis added flexibility to develop its BMP-7 programs in kidney disease and other non-orthopedic fields. In sum, I believe this transaction enhances prospective returns to Curis and its shareholders by fostering our ability to pursue BMP-7 programs in these fields while improving our liquidity position."<< snip Cheers, Tuck

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