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EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
CONTACTS
for Curis, Inc.:
William B. Boni Cynthia Clayton
(617) 876-0086, ext. 6506 (617) 876-0086, ext. 6641
CURIS RAISES $46.8 MILLION
IN PRIVATE PLACEMENT OF COMMON STOCK
CAMBRIDGE, MA, November 16, 2000 - Curis, Inc. (NASDAQ: CRIS) today announced
that it has raised $46.8 million in gross proceeds from the sale of 5.2 million
shares of newly issued Curis common stock at a price of $9.00 per share.
Prudential Vector Healthcare Group, a unit of Prudential Securities, acted as
the placement agent for this transaction.
"In response to demand, we increased the number of shares to be sold in this
placement from the original offering size," said Doros Platika, M.D., president
and chief executive officer of Curis. "This transaction strengthens our
financial position, almost doubling our total cash and investment balance to
approximately $87 million on a pro forma basis as of September 30, 2000."
Total shares outstanding of Curis common stock following this transaction number
approximately 31.3 million.
The Company plans to use the proceeds of the private placement to fund its
ongoing research and development, capital expenditures, sales and marketing
capability, potential acquisitions, working capital and general corporate
purposes.
The company intends to file with the Securities and Exchange Commission (SEC) a
resale registration statement on Form S-1 within 15 days of today relating to
the privately placed shares, and the closing of the financing is conditioned
upon the effectiveness of the registration statement. These securities may not
be sold nor may offers to buy be accepted prior to the time that the
registration statement becomes effective. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of these securities in any state in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under the
securities laws of any such state. Any offering of Curis shares under the resale
registration statement will be made only by means of a prospectus.
Curis, Inc. is developing products based on technologies in the emerging field
of regenerative medicine. The Company is combining insights gained through the
study of
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developmental biology with high-throughput screening capabilities, proteins,
cells and biocompatible materials to facilitate the development of new
regenerative medicine therapies. For more information, please visit the Curis
web site at http://www.curis.com.
The statements in this news release that are not historical facts are forward-
looking statements that involve risks and uncertainties including, without
limitation, risks associated with the inherent uncertainty of pharmaceutical
research, product development, regulatory approval and commercialization, the
impact of competitive products, patents, patent litigation, product liability,
third party reimbursement, and other risks and uncertainties associated with the
biotechnology industry. The completion of a successful pre-clinical trial does
not mean the Company will be able to successfully commercialize the product.
For additional factors that could cause actual results to differ materially,
please refer to the risk factors section of the Curis joint proxy
statement/prospectus filed with the Securities and Exchange Commission on June
19, 2000 and Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 14, 2000.
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