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News Breaks | | | | December 12, 2012 | | 07:10 EDT |  | CRIS | Curis closes $30M secured debt financing transaction
Curis announced that it has closed the previously announced $30M debt transaction with BioPharma-II, an investment fund managed by Pharmakon Advisors. The debt is secured with certain future royalties of Erivedge. "The completion of this transaction has significantly strengthened our capital position and we currently expect that we will end 2012 with approximately $56M-$58M in cash, cash equivalents and investments. We believe that this provides us with adequate capital to fund our currently planned operations into 2015. Importantly, our cash forecast does not include either potential milestones from our partners Genentech and Debiopharm or royalty revenues that we may receive in excess of quarterly payment caps under our debt arrangement, either of which could meaningfully increase our capital position if achieved," the company said. | |
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