February 12, 2010 / 2:27 PM / 7 years ago

CORRECTED - CORRECTED-UPDATE 1-Curis gets milestone payments from Debiopharm

2 Min Read

(Corrects first bullet point to clarify that Curis has sufficient cash for operations into H1 2012, not H1 2010)

* Curis says sufficient cash for operations into H1 2012

* Curis says Debipharm plans to start early-stage trials

* Shares up 7 pct in premarket trade

Feb 12 (Reuters) - Curis Inc (CRIS.O) said it will receive $8 million in milestone payments from Swiss company Debiopharm, after its cancer treatment received approval from French regulators, sending its shares up 7 percent in premarket trade.

The drugmaker said its licensee Debiopharm plans to start early-stage trial to evaluate the safety of the treatment, Debio 0932, during the first quarter.

Curis' Chief Financial Officer Mike Gray said the company intends to use the milestone payment to develop its drug pipeline.

Curis said it currently has adequate cash to fund operations into the first half of 2012, which does not include additional future milestone payments from any collaborations.

Last month, the company had raised about $16.3 million in a public offering.

Shares of Curis were trading up 5 percent at $2.42 Friday before the bell. They closed at $2.31 Thursday on Nasdaq. (Reporting by Anuradha Ramanathan in Bangalore; Editing by Anil D'Silva) ((anuradha.ramanathan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800: Reuters Messaging: anuradha.ramanathan.reuters.com@reuters.net))

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