- Provides financial guidance through second quarter of 2009 -
- Announces partnership intentions around CR011-vcMMAE -
- Conference call to be held today at 11:00 am ET -
BRANFORD, Conn., Nov. 3 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN), today reported its financial results for the third quarter of 2008.
During the three month period ended September 30, 2008, CuraGen utilized $3.6 million of cash for operations and ended the quarter with $91.4 million of cash and investments. CuraGen expects to utilize an average of $3 to $4 million of cash per quarter through June 2009. The company expects to end the fourth quarter of 2008 with approximately $87 to $89 million in cash and investments, and end the second quarter of 2009 with approximately $79 to $81 million in cash and investments. CuraGen is also pursuing partnership opportunities around CR011-vcMMAE.
"Since the beginning of 2007, we have systematically strengthened our net cash position by $84 million and reduced our cash burn by 73%. We have sold clinical programs and non-core assets generating $129 million, repurchased debt of $91 million at a discount of $17 million and reduced the operating burn from $13.3 million in the first quarter of 2007 to $3.6 million in the third quarter of 2008. We are now in a position to take advantage of our prudent actions in what has become a financially-distressed environment," commented Dr. Timothy M. Shannon, President and Chief Executive Officer.
For the quarter ended September 30, 2008, CuraGen reported a net loss
of $4.0 million, or $0.07 per share, compared to a loss of $9.9 million, or
$0.18 per share, for the same period in 2007. For the nine months ended
|SOURCE CuraGen Corporation|
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