CURIS INC — Director's Dealing 2009

Apr 29, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CURIS INC (CRIS)
CIK: 0001108205
Period of Report: 2009-04-27

Reporting Person: BVF PARTNERS L P/IL (10% Owner, Indirect Beneficial Owner)
Reporting Person: BIOTECHNOLOGY VALUE FUND L P (Direct Beneficial Owner)
Reporting Person: BIOTECHNOLOGY VALUE FUND II LP (Direct Beneficial Owner)
Reporting Person: BVF INVESTMENTS LLC (Direct Beneficial Owner)
Reporting Person: BVF INC/IL (10% Owner, Indirect Beneficial Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-04-27	Common Stock	S	727000	$1.15	Disposed	8194716	Indirect
2009-04-27	Common Stock	S	502000	$1.15	Disposed	7692716	Indirect
2009-04-27	Common Stock	S	1741000	$1.15	Disposed	5951716	Indirect

Footnotes

F1: The shares reported in this response are indirectly beneficially owned by BVF Partners L.P., a Delaware limited partnership ("Partners"), the designated filer of this joint filing on Form 4, and by its general partner, BVF Inc., a Delaware corporation ("BVF Inc."), which is also an investment advisor to Partners. Partners is the general partner of Biotechnology Value Fund, L.P., a Delaware limited partnership ("BVF, L.P.") and Biotechnology Value Fund II, L.P., a Delaware limited partnership ("BVF2, L.P."), both investment limited partnerships. Partners also is the manager of BVF Investments, L.L.C., a Delaware limited liability company ("Investments"). Pursuant to the operating agreement of Investments, Partners is authorized, among other things, to invest the funds of Samana Capital, L.P., the majority member of Investments, in the shares of Common Stock reported in Table I as being beneficially owned by Investments.

F2: Mark N. Lampert is the sole shareholder and sole director of BVF Inc., and is an officer of BVF Inc. This joint filing on Form 4 shall not be deemed an admission that Mark N. Lampert is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any equity securities covered by this joint filing.

F3: Shares directly beneficially owned by BVF, L.P.

F4: Shares directly beneficially owned by BVF2, L.P.

F5: Shares directly beneficially owned by Investments.

F6: Total amount of shares indirectly beneficially owned by Partners and BVF Inc.

F7: Units may represent aggregation of daily trade activity. Details regarding individual execution amounts and prices are available upon request.