On February 27, 2020 Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, reported that it has entered into a common stock purchase agreement (the "Agreement") of up to $30 million with Aspire Capital Fund, LLC ("Aspire Capital") (Press release, Curis, FEB 27, 2020, View Source [SID1234554861]).

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Under the terms of the Agreement, Aspire Capital has made an initial investment of $3 million via purchase of 2,693,965 common shares of Curis. In addition, Aspire Capital has committed to purchasing up to $27 million of common shares of Curis, at Curis’ request from time to time during a 30-month period at prices based on the market price at the time of each sale, subject to certain limits. There are no warrants, derivatives, or other share classes associated with this Agreement. Curis will control the timing and amount of the further sale of its common shares to Aspire Capital.

"We are excited to enter into this transaction with Aspire Capital, a long-term, healthcare-focused institutional investor," said James Dentzer, President and Chief Executive Officer of Curis. "This facility is expected to provide us with a flexible, efficient capital source to advance the clinical development of our novel, targeted cancer therapeutics, including fimepinostat, a small molecule dual inhibitor of PI3K/HDAC and suppressor of MYC; CA-4948, an IRAK4 kinase inhibitor and first in class suppressor of the TLR pathway and CI-8993, a first in class VISTA antagonist."

"Curis’ pipeline of novel, targeted cancer therapies and immunotherapies, bolstered by the recent addition of CI-8993, addresses therapeutics areas with significant unmet medical need and patient burden," stated Steven G. Martin, Managing Member of Aspire Capital Partners, LLC. "Aspire is pleased to support Curis at this transformational time and looks forward to this long-term partnership with the Curis team."

Proceeds will be used by Curis for general corporate purposes, including research and development, clinical trial activity and working capital. There are no restrictions on future financings and there are no financial covenants, participation rights, rights of first refusal, or penalties in the Agreement. Curis has the right to terminate the Agreement at any time without any additional cost or penalty.

As consideration for Aspire Capital’s obligation under the Agreement, Curis issued 646,551 common shares to Aspire Capital as a commitment fee. Curis also entered into a Registration Rights Agreement with Aspire Capital in connection with its entry into the Agreement. A complete and detailed description of the Agreement and the related Registration Rights Agreement is set forth in Curis’ Current Report on the Form 8-K filed today with the U.S. Securities and Exchange Commission (SEC).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.