Curis announces $7M registered direct, concurrent private placement

Curis (CRIS) announced that it has entered into a definitive agreement with a combination of existing and new investors for the purchase of 1,538,460 shares of its common stock in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, Curis also agreed to issue to the investors in the registered direct offering unregistered pre-funded warrants to purchase up to an aggregate of 1,538,461 shares of Common Stock at an exercise price of 1c per share and unregistered warrants to purchase up to an aggregate of 3,076,921 shares of Common Stock at an exercise price of $2.15 per share. The Pre-Funded Warrants will be exercisable immediately and will be exercisable until exercised in full. The Common Warrants will be exercisable immediately and will be exercisable for five years following the date of issuance. The combined purchase price for one Share and the associated Common Warrant is $2.275. The combined purchase price for one Pre-Funded Warrant and the associated Common Warrant is $2.265. Gross proceeds to Curis from the offering are expected to be approximately $7M, before deducting the placement agents’ fees and other offering expenses payable by Curis. Curis intends to use the net proceeds from the offering on research, development, working capital, and other general corporate purposes. The registered direct offering and concurrent private placement are each expected to close on or about July 3, subject to the satisfaction of customary closing conditions. Laidlaw & Company and Jones are acting as placement agents for the registered direct offering and the concurrent private placement.