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Under the terms of the agreement, Debiopharm will assume all future development responsibility and incur all future costs related to the licensed Hsp90 technology, including CUDC-305. Curis currently expects that Debiopharm will file an application with health authorities to begin Phase I clinical testing for CUDC-305 in fall 2009.
Curis will receive an up-front license fee and, pending approval of such application, Curis will receive additional near-term payments.
Curis is further eligible to receive additional contingent payments assuming the successful achievement of specified clinical development and regulatory approval objectives as well as royalties on product sales, if any, on any products that are successfully commercialized by Debiopharm or its sublicensees.
Dan Passeri, president and CEO of Curis, said: "This transaction is particularly important to Curis because the agreement provides non-dilutive capital that we expect will allow us to continue to seek to internally develop CUDC-101, our HDAC/EGFR/Her2 inhibitor that is currently enrolling patients in a Phase I dose escalation trial, as well as our other promising preclinical multi-targeted development programs. We believe that the up-front license fee and near-term contingent payments will extend our cash runway well into 2011."
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