Curis shrinks 3Q loss as partnership revenue rises

Curis reports smaller loss in 3Q and says it expects lower spending for full year 2009

• On 1:26 pm EDT, Thursday October 29, 2009

CAMBRIDGE, Mass. (AP) -- Cancer drug developer Curis Inc. posted a narrower third-quarter loss Thursday due to greater revenue from partnerships.

Curis said it lost $4 million, or 6 cents per share, compared with a loss of $4.6 million, or 7 cents per share. Its expenses held steady, and revenue grew to $765,000 from $87,000. Thomson Reuters says analysts expected a loss of 6 cents per share and $910,000 in revenue.

Curis is conducting an early-stage trial of potential cancer drug called CUDC-101, and has a partnership with Roche's Genentech unit on GDC-0449, which is being tested against advanced basal cell carcinoma and ovarian cancer. It also announced a partnership with Debiopharm during the third quarter, and Debiopharm is now covering all the costs of developing a cancer treatment called CUDC-305.

Due to lower spending on a study of CUDC-101, Curis said it now expects to finish 2009 with $21 million to $24 million in cash, cash equivalents and market securities. In February, it projected $12 million to $15 million. Curis called for $9 million to $11 million in research and development spending, down from a prior range of $15 million to $18 million.

In midday trading, Curis stock added 10 cents, or 5.1 percent, to $2.06.

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