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CuraGen Reports Third Quarter 2007 Financial Results
Date:10/25/2007

BRANFORD, Conn., Oct. 25 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN), a clinical-stage biopharmaceutical company focused on oncology, today reported its financial results for the third quarter of 2007. For the quarter ended September 30, 2007, CuraGen reported a net loss of $9.9 million, or $0.18 per share, compared to a consolidated net loss of $15.9 million, or $0.29 per share, for the same period in 2006.

As of September 30, 2007, CuraGen had cash and investments of $153.6 million. Of the available cash and investments, $14.4 million is classified as restricted cash until August 2008 and relates to funds held in escrow following the sale of CuraGen's ownership in 454 Life Sciences. At the end of the third quarter, CuraGen had outstanding convertible debt of $109.4 million, compared to $176.2 million at December 31, 2006.

During the third quarter, $9.7 million of cash and investments was used to support continuing operations, which excluded payments of approximately $1 million for severance and related benefits. Cash and investments used during the quarter was offset by proceeds of $2.8 million primarily from the sale of assets disposed of in connection with the previously announced closure of the BPS facility and $6.3 million from the sale of long-term marketable securities.

"We believe that CuraGen's cash position provides us with the resources and flexibility to advance our products through value-creating milestones and potentially bring them to market," commented Dr. Timothy Shannon, President and Chief Executive Officer of CuraGen. "We continue to focus our clinical development efforts on belinostat, our HDAC inhibitor that is currently in a broad Phase II program exploring mu
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SOURCE CuraGen Corporation
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