CuraGen Corporation Announces Appointment of Dr. Timothy M. Shannon as President and Chief Executi...(rengthened the balance sheet. Frank's le...)

Dr. Shannon commented, "I am confident that CuraGen will be in a position to advance its first product into Phase III in 2008, and excited by what this, and the continued progress with our product portfolio, will mean for shareholders, patients, our employees, and other stakeholders. We expect to deliver important clinical trial results on velafermin, belinostat and CR011- vcMMAE over the next few months, which will we anticipate give us a clear view of what our best product opportunities will be in 2008 and beyond."

Prior to joining CuraGen in September 2002, Dr. Shannon served as Head and Senior Vice President of Global Medical Development at Bayer Pharmaceutical Group where he oversaw all aspects of clinical development and medical affairs for Bayer's portfolio from Phase I through to product registration and the market.

Dr. Shannon earned his B.A. in chemistry from Amherst College, and his M.D. from the University of Connecticut School of Medicine.

The Company also announced that in the third and fourth quarters of 2007 it will take corporate restructuring charges in connection with the selective elimination of positions of approximately $2.9 million composed primarily of severance and other related payments, operating lease obligations, and assets to be written off or disposed of.

In addition, CuraGen reconfirmed the upcoming clinical milestones related to its oncology pipeline including:

-- Top-line results in mid-October from the velafermin Phase II (CLN-12)

randomized, double-blind placebo-controlled clinical trial evaluating a

single dose for the prevention of severe oral mucositis;

-- Updated Phase II results from an ongoing trial evaluating belinostat in

combination with carboplatin and paclitaxel (BelCaP) for the treatment

of ovarian cancer at the ACCR-NCI-EORTC International Conferen
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