- CR011-vcMMAE in Phase II for melanoma, to begin Phase II for breast
- Conference call to be hosted today at 9:00 a.m. EDT -
BRANFORD, Conn., April 22 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN) today reported its financial results for the first quarter of 2008. For the quarter ended March 31, 2008, CuraGen reported a net loss of $6.8 million, or $0.12 per share, compared to a net loss of $17.0 million, or $0.31 per share, for the same period in 2007.
During the first quarter, CuraGen incurred costs totaling $1.5 million for milestones related to the advancement of CR011-vcMMAE into Phase II clinical development. Of the decrease in cash and investments of $7.6 million during the first quarter of 2008, $2.6 million was related to non-recurring restructuring payments and payments associated with a previously discontinued program.
As of March 31, 2008, CuraGen had cash, restricted cash and investments of approximately $107.4 million. Following this morning's announced transaction with TopoTarget A/S, CuraGen currently projects a total of approximately $145 million in cash, restricted cash and investments at April 30, 2008.
CuraGen has also revised its 2008 financial guidance. CuraGen anticipates ending 2008 with approximately $135 million of cash and investments compared to previously provided guidance of $90 million. During the second half of 2008, CuraGen anticipates using approximately $6 to $8 million of cash and investments to fund operations.
"During the first quarter we continued to make progress strengthening
our balance sheet and working to enhance shareholder value. We believe that
our increased cash position and reduced ant
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