Curis expects to raise $12.9m

Drug developer Curis Inc. today said it expects to raise $12.9 million in proceeds from private placements with several investors.

Under the transactions, which are expected to close Aug. 8, Curis will issue 12.2 million shares of common stock and warrants to purchase another 4.3 million shares. The company said it would use the proceeds to support drug research and development.

Shares of Curis Inc. fell 2 cents today to $1 in midday trading. (AP)