Adding CRIS today

Today I have been building a 20% position in Curis (CRIS).  I have an average price of $3.62 and have set a stop loss at $3.15.  My initial target is $4.40.

Cris is developing vismodegib in collaboartaion with Genentech. Genentech submitted an NDA in September, which was granted priority review status in November. The PDUFA date has been set at March 8th, 2012. That is 62 trading days from today.

CRIS earned a milestone payment based on the NDA acceptance. They have an additional potential milestone ahead of the PDUFA if a Marketing Authorization Application is submitted to and accepted by the EMA. As of the end of Q3 they had ~$30M on hand.

The drug is being considered for use in the treatment of patients with advanced, inoperable basal cell carcinoma.

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