Curis, Inc. Announces Agreement for $13 Million Private Placement

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Curis, Inc. (NASDAQ:CRIS), a drug development company focused on seeking to develop novel targeted medicines primarily for cancer treatment, today announced that it has entered into definitive agreements with certain institutional and accredited investors with respect to the private placement of units, each of which comprises of one share of common stock and a warrant to purchase 0.35 shares of common stock at a purchase price of $1.06375 per unit. As a result of the unit offering, the Company will issue an aggregate of 12,220,916 shares of common stock, and warrants to purchase 4,277,322 shares of common stock. The closing of the financing is expected to occur by August 8, 2007, subject to the satisfaction of certain customary closing conditions contained in the definitive transaction agreements. The financing is expected to result in net proceeds to the Company of approximately $12.9 million after the deduction of offering expenses. The Company intends to use the aggregate net proceeds primarily to support the Company's research and development efforts and for other general corporate purposes.

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