CuraGen also provided today updated 2008 financial guidance. As a result of this transaction, CuraGen expects to end 2008 with approximately $135 million in cash and investments compared to the previously provided guidance of approximately $90 million. During the second half of 2008, CuraGen anticipates using approximately $6 to $8 million of cash and investments to fund operations.
Dr. Shannon further commented, "With CR011-vcMMAE showing promise in areas of substantial unmet need, we will evaluate opportunities to create additional value from this program over the course of the year, including strategic partnerships. With approximately $145 million in cash and investments today and an exciting product in Phase II with significant potential upside, we believe CuraGen is in an excellent position of having meaningful resources on hand, a low cash burn and the flexibility to pursue potential business development opportunities for novel products that we are seeing in the marketplace."
"This transaction also allows TopoTarget to focus on belinostat as it
potentially moves into a Phase III trial in patients with PTCL in the
second half of 2008," said Dr. Shannon. "They have been good partners and
we wish them success with the continued development of the product."
Conference Call Details and Dial-in Information
Date: Tuesday, April 22, 2008
Time: 9:00 a.m. EDT
Dial-in: 877-272-5391 (domestic)
Webcast: Access to the live webcast is available at
A replay of the conference call will be available starting at 12:00
p.m. Eastern time on Tuesday, April 22, 2008 through Thu
|SOURCE CuraGen Corporation|
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