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CuraGen Reports Fourth Quarter and Year End 2007 Financial Results

- Strengthened Balance Sheet and Advancing Products in 2008 -

- Conference call to be hosted today at 11:00 a.m. Eastern Time -

BRANFORD, Conn., Jan. 31 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN) today reported its consolidated financial results for the fourth quarter and fiscal year ended December 31, 2007.

CuraGen reported a loss from operations for the fourth quarter of 2007 of $11.0 million, or $0.20 per share, which included restructuring charges totaling $2.7 million, or $0.05 per share, compared to a loss from operations of $14.2 million, or $0.26 per share, for the fourth quarter of 2006.

For the year ended December 31, 2007, CuraGen reported a loss from operations of $59.6 million, or $1.07 per share, which included restructuring charges totaling $11.3 million, or $0.20 per share. For the year ended December 31, 2007, CuraGen reported consolidated net income of $25.4 million, or $0.45 per share, driven by the recognition of the gain on the sale of non- core assets and on the repurchase of $40.1 million of CuraGen's convertible subordinated debentures.

As of December 31, 2007, CuraGen had cash, restricted cash and investments of $115.0 million. At December 31, 2007, CuraGen had outstanding convertible debt of $69.9 million due February 2011, compared to $176.2 million at December 31, 2006.

2008 Guidance and Oncology Pipeline Milestones

During 2008, clinical trial results from ongoing studies evaluating belinostat and CR011-vcMMAE are expected to be reported. CuraGen currently anticipates using approximately $25 million of cash, including capital expenditures, to fund its operations, during 2008.

"Over the course of 2007, we strengthened our balance sheet by monetizing approximately $91 million of non-core assets, and reducing our convertible debt by approximately $106 million. With $115 million of cash and investments and a projected operating cash burn of approximately $25 million, we believe that we are in an excellent position to advance our core products, belinostat and CR011-vcMMAE, toward registrational development during 2008 and to fund operations into 2011," commented Timothy Shannon, M.D., President and Chief Executive Officer of CuraGen.

Anticipated milestones for 2008 include:

Belinostat, HDAC inhibitor for the treatment of cancer:

-- Updated Phase II results for the treatment of T-cell lymphoma during

the second quarter of 2008;

-- Updated Phase II results of belinostat in combination with carboplatin

and paclitaxel for the treatment of ovarian cancer during the second

quarter of 2008; and

-- Initiate Phase III trial of intravenous belinostat for the treatment of

peripheral T-cell lymphoma by the fourth quarter of 2008.

CR011-vcMMAE, antibody-drug conjugate for the treatment of metastatic


-- Advance CR011-vcMMAE into the efficacy portion of the Phase I/II

clinical trial for patients with metastatic melanoma during the second

quarter of 2008; and

-- Report updated Phase I/II clinical trial results of CR011-vcMMAE for

the treatment of malignant melanoma during the second quarter of 2008.

Conference Call Details and Dial-in Information

Date: Thursday, January 31, 2008

Time: 11:00 a.m. EST

Dial-in: 877-272-5391 (domestic)

706-758-4315 (international)

Passcode: 31898426

Webcast: Access to the live webcast is available at

A replay of the conference call will be available starting at 2:00 p.m. Eastern time on Thursday, January 31, 2008 through Saturday, March 1, 2008 by dialing 800-642-1687 (domestic) or 706-645-9291 (international). The passcode for the replay is 31898426. An archive of the webcast will be available for 30 days at

About CuraGen

CuraGen Corporation (Nasdaq: CRGN) is a dedicated clinical-stage biopharmaceutical company developing diverse approaches for the treatment of cancer including the histone deacetylase inhibitor, belinostat, and the antibody-drug conjugate, CR011-vcMMAE. By leveraging drug development strengths cultivated over the years, CuraGen expects to make a difference by advancing its promising therapeutics to address the unmet medical needs of cancer patients. CuraGen Corporation is headquartered in Branford, Connecticut. For additional information please visit

Safe Harbor

Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to CuraGen's revenue, expenses, losses, income, and future cash and investment positions, including with respect to the fourth quarter and year ended December 31, 2007 and fiscal year 2008, the timing and expected results of our clinical programs, and the development and marketability of planned drugs, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including the risk that any one or more of CuraGen's drug development programs will not proceed as planned for technical, scientific or commercial reasons or due to patient enrollment issues or based on new information from nonclinical or clinical studies or from other sources, the success of competing products and technologies, CuraGen's stage of development as a biopharmaceutical company, government regulation and healthcare reform, technological uncertainty and product development risks, product liability exposure, uncertainty of additional funding, CuraGen's history of incurring losses and the uncertainty of achieving profitability, reliance on research collaborations and strategic alliances, competition, patent infringement claims against CuraGen's products, processes and technologies, CuraGen's ability to protect its patents and proprietary rights and uncertainties relating to commercialization rights, as well as those risks, uncertainties and factors referred to in CuraGen's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by CuraGen from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, CuraGen's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. CuraGen is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Glenn Schulman, PharmD

Director of Investor Relations

(888) 436-6642



(in thousands, except per share data)

Three Months Ended Year Ended

December 31, December 31,

2007 2006 2007 2006

(unaudited) (unaudited)

Collaboration revenue $22 $14 $88 $2,298

Operating expenses:

Research and development 6,299 10,870 36,779 44,009

General and administrative 2,026 3,362 11,657 13,648

Restructuring charges 2,737 - 11,274 -

Total operating expenses 11,062 14,232 59,710 57,657

Loss from operations (11,040) (14,218) (59,622) (55,359)

Interest income 1,474 1,718 5,534 7,170

Interest expense (995) (2,332) (5,167) (9,351)

Realized (loss)/gain on sale of

available-for-sale investments,

net (308) - 665 -

Gain on extinguishment of debt 8,273 - 8,442 -

Loss from continuing operations

before income tax benefit (2,596) (14,832) (50,148) (57,540)

Income tax benefit 25 215 185 376

Loss from continuing operations (2,571) (14,617) (49,963) (57,164)

Discontinued operations:

Loss from discontinued

operations - (1,179) (2,991) (2,675)

Gain on sale of subsidiary - - 78,352 -

Net (loss) income from discontinued

operations - (1,179) 75,361 (2,675)

Net (loss) income ($2,571) ($15,796) $25,398 ($59,839)

Basic and diluted net loss per

share from continuing operations ($0.05) ($0.27) ($0.89) ($1.04)

Basic and diluted net (loss) income

per share from discontinued

operations - (0.02) 1.35 (0.05)

Basic and diluted net (loss) income

per share ($0.05) ($0.29) $0.45 ($1.09)

Weighted average number of shares

used in computing basic and

diluted net (loss) income per

share 56,279 54,784 55,853 54,896


December 31, December 31,

2007 2006


Cash and investments $100,444 $164,393

Restricted cash 14,533 -

Total cash and investments and

restricted cash 114,977 164,393

Working capital 107,844 95,985

Total assets 119,282 227,294

4% Convertible subordinated notes due 2011 69,890 110,000

6% Convertible subordinated debentures

due 2007 - 66,228

Total convertible subordinated

notes and debentures 69,890 176,228

Total long-term liabilities 70,975 111,174

Accumulated deficit 487,574 512,972

Stockholders' equity 38,465 8,767


SOURCE CuraGen Corporation
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