Curis, Inc. Agrees To Settlement With Micromet
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Curis, Inc., (NASDAQ: CRIS), a therapeutic drug development company focusing on cancer, neurological and dermatological disease indications, announced today it has entered into a court-proposed settlement agreement with Micromet, a former collaborator, to resolve a claim brought in German court by Curis over payments due to Curis under an amended note payable from Micromet. In accordance with the settlement, Micromet has agreed to pay Curis EUR 1 million, due on November 1, 2006, and EUR 1 million, due on May 31, 2007. Should Micromet make the second payment on or before April 30, 2007, the second payment would decrease to EUR 800,000. Using recent currency exchange rates, the total amount that Micromet has agreed to pay Curis is $2.5 million, or $2.25 million if Micromet elects to pay the second installment by April 30, 2007. Future changes in currency exchange rates may increase or decrease the actual amount of U.S. dollars received by Curis.