BRANFORD, Conn., May 22 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN) announced today the completion of a series of privately negotiated transactions in which the Company sold the 5,000,000 shares of TopoTarget common stock issued to the Company as partial payment for the sale of CuraGen's ownership in belinostat. After expenses, CuraGen will receive approximately $12 million in cash.
"We are pleased to announce the planned, orderly liquidation of our position in TopoTarget stock. These sales, when added to the up-front cash payment we received from TopoTarget on April 22, 2008, bring the total cash realized by CuraGen to approximately $38 million," stated Dr. Timothy Shannon, President and Chief Executive Officer of CuraGen Corporation. "We also retain further potential upside related to belinostat consisting of up to $6 million in potential milestone payments on future net sales and sublicenses of belinostat."
CuraGen Corporation (Nasdaq: CRGN) is a clinical-stage biopharmaceutical company developing promising approaches for the treatment of cancer. CuraGen Corporation is headquartered in Branford, Connecticut. For additional information please visit http://www.curagen.com.
Statements in this press release regarding management's future
expectations, beliefs, intentions, goals, strategies, plans or prospects,
including statements relating to CuraGen's potential economic benefits from
future net sales and sublicense of belinostat may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be identified
by terminology such as "anticipate," "believe," "could," "could increase
the likelihood," "estimate," "expect," "intend," "is planned," "may,"
"should," "will," "will enable," "would be expected," "look forward," "may
provide," "would" or similar terms, variations of such terms or the
negative of those terms. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors including the risk that any
one or more of CuraGen's drug development programs will not proceed as
planned for technical, scientific or commercial reasons or due to patient
enrollment issues or based on new information from nonclinical or clinical
studies or from other sources, the success of competing products and
technologies, CuraGen's stage of development as a biopharmaceutical
company, government regulation and healthcare reform, technological
uncertainty and product development risks, product liability exposure,
uncertainty of additional funding, CuraGen's history of incurring losses
and the uncertainty of achieving profitability, reliance on research
collaborations and strategic alliances, competition, patent infringement
claims against CuraGen's products, processes and technologies, CuraGen's
ability to protect its patents and proprietary rights and uncertainties
relating to commercialization rights, as well as those risks, uncertainties
and factors referred to in CuraGen's Quarterly Report on Form 10-Q for the
period ended March 31, 2008 filed with the Securities and Exchange
Commission under the section "Risk Factors," as well as other documents
that may be filed by CuraGen from time to time with the Securities and
Exchange Commission. As a result of such risks, uncertainties and factors,
CuraGen's actual results may differ materially from any future results,
performance or achievements discussed in or implied by the forward-looking
statements contained herein. CuraGen is providing the information in this
press release as of this date and assumes no obligations to update the
information included in this press release or revise any forward-looking
statements, whether as a result of new information, future events or
Vice President and Chief Financial Officer
Glenn Schulman, Pharm.D.
Director Medical Communications
|SOURCE CuraGen Corporation|
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