- CuraGen to receive approximately $45 million in cash, stock and future
milestone payments -
- Provides updated financial guidance for 2008 -
- Conference call to be hosted today at 9:00 a.m. EDT -
BRANFORD, Conn., April 22 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN), a clinical-stage biopharmaceutical company, announced today that it has sold its ownership in belinostat, a Phase I/II histone deacetylase inhibitor, to TopoTarget A/S (Copenhagen Stock Exchange: TOPO) for approximately $39 million upfront in a combination of cash and stock. CuraGen will receive $26 million in cash and 5 million shares of TopoTarget common stock, currently valued at approximately $13 million, and $6 million in potential commercial milestone payments related to future net sales and sublicenses of belinostat. CuraGen will no longer have any funding requirements for belinostat as TopoTarget will immediately assume all financial and operational responsibility for the ongoing clinical development.
"CuraGen is working to create and unlock value within our portfolio
while providing a strong and clear risk / reward profile for our investors.
After a thorough review of our current strategic options, we feel the most
effective use of our resources and best potential value creation
opportunity for shareholders is based on CR011-vcMMAE, our un-partnered
antibody-drug conjugate, currently in Phase II for the treatment of
patients with metastatic melanoma and moving toward Phase II in metastatic
breast cancer. We believe that today's deal represents a great opportunity
for CuraGen, and its shareholders, by further strengthening our balance
sheet by adding close to $45 million this year
|SOURCE CuraGen Corporation|
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