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Originally published Friday, January 22, 2010 at 8:36 AM

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Curis raises $16.3 million from sale of units

Cancer drug developer Curis Inc. said Friday it is offering just under 6.5 million units of stock and warrants for about $16.3 million.

The Associated Press

CAMBRIDGE, Mass. —

Cancer drug developer Curis Inc. said Friday it is offering just under 6.5 million units of stock and warrants for about $16.3 million.

The company said it is offering the units at $2.52 apiece. Each unit consists of one common share and a warrant to buy a quarter of a share.

The offering priced at a 15 percent discount to Curis' closing price of $2.96 Thursday.

The warrants will be exercisable for five years beginning on the date of issuance, at an exercise price of $3.55 per share. The offering is expected to close on or about Jan. 27.

RBC Capital Markets is acting as the sole lead placement agent.

Curis said it intends to use the net proceeds for general corporate purposes.

Shares of Curis fell 65 cents, or 22 percent, to $2.31 in morning trading. The stock has traded between 83 cents and $3.70 over the last 52 weeks.

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