BRANFORD, Conn., Jan. 29 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN), today reported its financial results for the fourth quarter and calendar year of 2008 and provided milestone and financial guidance for the first half of 2009.
During the three month period ended December 31, 2008, CuraGen utilized $3.8 million of cash and investments and ended the fourth quarter with $88 million of cash and investments. At December 31, 2008, CuraGen has outstanding $19 million of 4% convertible subordinated notes due February 2011 with a market value of approximately $15 million. For the quarter ended December 31, 2008, CuraGen reported total operating expenses of $4.1 million, compared to total operating expenses of $11.1 million during the same period in 2007. Included in fourth quarter operating expenses is approximately $0.5 million of restructuring charges for a reduction in work force undertaken in December 2008.
"We currently have $88 million of cash and investments on hand and an attractive Phase II development asset that shows activity in metastatic melanoma and promise in breast cancer." commented Dr. Timothy M. Shannon, President and Chief Executive Officer. "We are encouraged by the activity CR011-vcMMAE has demonstrated to date and we will be releasing additional data on our two ongoing trials in the second quarter of 2009" commented Dr. Shannon.
2009 Milestones and Financial Guidance
The following statements are based on CuraGen's current expectations. These statements are forward-looking and actual results may differ materially. Please see the note regarding Forward-Looking Statements in this release for a description of certain important risk factors that could cause actual results to differ and refer to CuraGen's periodic reports on file with the Securities and Exchange Commission for a more complete descrip
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