Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development and commercialization of innovative and effective therapeutics for the treatment of cancer, today announced that its previously disclosed 1-for-5 reverse stock split will be effective as of 5:00 p.m. Eastern Time today, May 29, 2018. Curis's common stock will begin trading on the Nasdaq Global Market on a split-adjusted basis when the market opens on Wednesday, May 30, 2018. The new CUSIP number for Curis's common stock following the reverse stock split is 231269 200.
The reverse stock split affects all issued and outstanding shares of Curis's common stock, as well as the number of shares of common stock available for issuance under the Company's equity incentive plans. The reverse stock split will reduce the number of shares of the Curis's issued and outstanding common stock from approximately 337,500,000 million to approximately 67,500,000 million. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options outstanding immediately prior to the reverse stock split, with a proportional increase in exercise price. The reverse stock split will proportionately reduce the number of authorized shares of common stock. The reverse stock split will not change the par value of the common stock or the authorized number of shares of preferred stock of Curis.
The reverse stock split will affect all holders of common stock uniformly and will not alter any stockholder's percentage ownership interest in Curis, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares of common stock will be granted in connection with the reverse stock split; stockholders who otherwise would be entitled to a fractional share of common stock will be entitled to receive a proportional cash payment.
Curis's transfer agent, Computershare, will instruct certificate stockholders on the process for exchanging their pre-split stock certificates for post-split stock certificates and receiving payment for any fractional interests. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with procedural questions.
About Curis
Curis is a biotechnology company focused on the development and commercialization of innovative and effective drug candidates for the treatment of human cancers, including fimepinostat (CUDC-907), which is being investigated in clinical studies in patients with lymphomas and solid tumors. Curis is also engaged in a collaboration with Aurigene in the areas of immuno-oncology and precision oncology. As part of this collaboration, Curis has exclusive licenses to oral small molecule dual antagonists of PD1 and VISTA, including PDL1/VISTA antagonist CA-170, and oral small molecule dual antagonists of PD1 and TIM3, including PDL1/TIM3 antagonist CA-327, as well as to molecules designed to inhibit the IRAK4 kinase, including CA-4948. CA-170 is currently undergoing testing in a Phase 1 trial in patients with advanced solid tumors and lymphomas, and in a Phase 2 trial in India conducted by Aurigene. CA-4948 is currently undergoing testing in a Phase 1 trial in patients with non-Hodgkin lymphomas. Curis is also party to a collaboration with Genentech, a member of the Roche Group, under which Genentech and Roche are commercializing Erivedge® for the treatment of advanced basal cell carcinoma. For more information, visit Curis's website at www.curis.com.
