ARTICLE | Financial News
Curis secures $45M loan tied to royalties
March 10, 2017 12:34 AM UTC
Curis Inc. (NASDAQ:CRIS) gained $0.53 (21%) to $3.08 on Thursday after reporting earnings and revealing a royalty financing deal with HealthCare Royalty Partners.
The biotech is to receive a $45 million loan from HCR, repayable with 9.95% interest exclusively using royalty payments derived from sales of Erivedge vismodegib from the Genentech Inc. unit of Roche (SIX:ROG; OTCQX:RHHBY). The small molecule hedgehog pathway inhibitor was discovered by Genentech and jointly validated by the partners through a series of preclinical studies...