BRANFORD, Conn., April 23 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN), today reported its financial results for the first quarter of 2009.
During the three month period ended March 31, 2009, CuraGen utilized $4.1 million of cash and investments for operations and repurchased $4.8 million of debt for $3.8 million and ended the first quarter with $80 million of cash and investments. As of March 31, 2009, CuraGen had $14 million of outstanding 4% convertible subordinated notes due February 2011. For the quarter ended March 31, 2009, CuraGen reported total operating expenses of $3.6 million, compared to total operating expenses of $7.1 million during the same period in 2008. CuraGen expects to use $3 to $4 million of cash and investments in the second quarter of 2009 to fund operations, consistent with previous guidance, and also expects to end the second quarter of 2009 with between $76 and $77 million of cash and investments.
"We currently have $80 million of cash and investments on hand and an attractive Phase II development asset that continues to show promising activity in metastatic melanoma and early activity in breast cancer. Abstracts on these studies have been accepted for presentation at the Annual Meeting of the American Society of Clinical Oncology in Orlando, FL (May 29 to June 2, 2009), where we expect to report final results of our Phase II melanoma trial and initial results of our breast cancer trial," commented Dr. Timothy M. Shannon, President and Chief Executive Officer.
As previously announced on February 18, 2009, the Company's Board of Directors is in the process of evaluating strategic alternatives. While the process is underway, the Company does not intend to or expect to disclose any developments regarding the process until, if ever, a definitive agreement i
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