Thinly traded nano cap Curis (NASDAQ:CRIS) is up 9% premarket on light volume in reaction to its agreement with ImmunNext for potential exclusive global rights to develop and commercialize its anti-VISTA antibodies, including lead drug CI-8993 (formerly Johnson & Johnson’s JNJ-61610588), for the treatment of cancer (J&J returned the rights to ImmuNext after a Phase 1 study).
Under the terms of the deal, Curis will pay ImmuNext an undisclosed amount upfront in exchange for an option to exclusively license the latter’s candidate portfolio in oncology. The option is exercisable upon the earlier of four years from the signing of the agreement or 90 days after the database lock in the first Phase 1a/1b study that meets the clinical endpoints. If Curis opts in, it will pay ImmuNext an option exercise fee, milestones and royalties on net sales.
VISTA is a novel negative checkpoint ligand akin to PD-1/PD-L1 that suppresses T cell activation.
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