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Biotech / Medical : CRIS, Curis (formerly CBMI) -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (391)	8/12/2001 2:27:32 AM
From: Icebrg	Read Replies (2) \| Respond to of 668

Tuck Just a note. You wrote: "You are absolutely correct that they have not required themselves to sell by filing this." Just to set one thing straight. The filing, as I understand it, has been done by Curis and not by anyone of the participants in the private placement. The intent of the filing is to make it possible for the parties (Vulcan Ventures being one of them) to sell these shares, if they would desire to do so. It is not a registration made by the holders of the shares, that they now wish to sell the shares. As for the time period this prospectus remains valid the filing states the following: "We have agreed to maintain the effectiveness of this registration statement until the earlier of 24 months from the effective date or the date on which the shares purchased in the private placement may be resold without registration by reason of Rule 144(k) promulgated under the Securities Act. The selling stockholders may sell all, part or none of the shares offered by this prospectus." So, this prospectus remains effective for 24 months or until Rule 144 (k) becomes applicable. The next question to search the net for is: What does Rule 144 (k) say? I found the following. "Rule 144(k) Stock Provides that the current public information, volume limitation, manner of sale and notice provisions of Rule 144 will not apply to restricted securities sold by a non-affiliate so long as such person has been the beneficial owner of such securities for at least two years prior to the sale and has been a non-affiliate of the Issuer for three months prior to the sale." So, by filing this document Curis has made it possible to sell the shares placed in the private placement. They will keep the registration current until Rule 144 (k) kicks in, which will happen sometimes in December next year (my guess). We still don't know what the current holders will do about this. No doubt the number of shares available for selling has increased. I don't think Vulcan (i.e. Paul Allen) will sell though. He has been involved with one of the companies which became Curis for quite a number of years. Ice