- 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
|SOURCE CuraGen Corporation|
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