Curis Reorganizes to Reflect Product Orientation Following Recent Licensing Transactions
Thursday December 5, 2:26 pm ET
Focus on Product Development as well as Long Term Stability
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 5, 2002--Curis, Inc. (NASDAQ:CRIS - News) announced today it has taken advantage of the recently completed licensure of BMP technology to Ortho Biotech and PYY technology to Amylin, to reorganize its staff to reflect Curis' more product-focused orientation. As a result of these transactions, Curis has been able to eliminate certain positions, including a 50% reduction in G&A personnel, and transfer other resources towards those programs that it believes are most likely to give the best return to Curis investors. Among those programs showing the most promise are the Hedgehog antibody product candidate for the treatment of pancreatic cancer and the Hedgehog small molecule agonist program for the treatment of Parkinson's Disease and diabetic neuropathies.
"This reorganization has enabled Curis to reduce its staff, thus increasing the probability of meeting the Company's goal of having existing capital be sufficient to sustain the Company for three years - through the end of 2005. Curis is mindful also that progress must be made in its own product development efforts, in addition to our proven ability to generate promising collaborations with major pharmaceutical companies," stated Daniel R. Passeri, Curis' President and Chief Executive Officer. "Survival alone is not the objective. Curis seeks to emerge from this current biotech downturn with both strong corporate partnerships and a highly focused product development capability with at least one product candidate in clinical trials for which Curis bears primary responsibility."
About Curis, Inc.
Curis, Inc. is generating therapies that 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 enables 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 within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning Curis' or management's intentions, plans, expectations or predictions of future events are forward-looking statements. Such statements may contain the words "believes", "expects", "anticipates", "plans", "estimates" or similar expressions. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those indicated by such forward-looking statements. Actual results can be affected by, among other things, uncertainties relating to product development, clinical trials, regulatory actions or delays, the ability to obtain or maintain patent or other proprietary intellectual property protection, changes in or an inability to execute Curis' realigned business strategy and other risk factors identified in Curis' most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Curis disclaims any intention or obligation to update any of the forward-looking statements after the date of this press release.
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Contact:
Curis, Inc.
Daniel R. Passeri, 617/503-6680
or
Curis, Inc.
Christopher U. Missling, 617/503-6587
or
Curis, Inc.
Henry W. McCusker, 617/503-6641
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Source: Curis, Inc. |
