Curis to receive $3 million payment from partner Genentech
NEW YORK—Drug developer Curis Inc. said Monday it will receive a $3 million cash payment from partner Genentech Inc. as that company starts a midstage study on a potential colon cancer drug.
The companies partnered in 2003 to develop targeted cancer treatments. The Phase II clinical trial on GDC-0449 will involve 150 patients receiving either a combination treatment with the drug candidate or with placebo. The main goal of the study is to improve the survival rate for patients without the cancer progressing.
Shares of Cambridge, Mass.-based Curis fell 9 cents, or 6.8 percent, to $1.23 in afternoon trading. Shares have traded between 86 cents and $2.26 in the last 52 weeks.
Meanwhile, shares of South San Francisco, Calif.-based Genentech rose 22 cents to $67.46.
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