CuraGen Reports Second Quarter 2008 Financial Results and Clinical Progress of CR...( - Results from Phase II Melanoma Tr...),Health

- Results from Phase II Melanoma Trial Expected in the Fourth Quarter -

BRANFORD, Conn., July 29 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN), a clinical-stage biopharmaceutical company focused on oncology, today reported its financial results for the second quarter of 2008 and updated clinical progress of CR011-vcMMAE.

For the quarter ended June 30, 2008, CuraGen reported income from continuing operations of $39.3 million, or $0.69 per share, compared to a loss from continuing operations of $21.6 million, or $0.39 per share, during the same period in 2007. For the six months ended June 30, 2008, CuraGen reported income from continuing operations of $32.5 million or $0.57 per share, as compared to a loss from continuing operations of $37.5 million or $0.67 per share, during the same period in 2007. Significant one time transactions during the second quarter of 2008 included the sale of the rights to belinostat to TopoTarget A/S for approximately $38 million in cash and the repurchase of $50.9 million of debt for $43.2 million in privately negotiated transactions.

As of June 30, 2008, CuraGen had cash, restricted cash and investments of $95.0 million. CuraGen also today reaffirmed previously provided guidance related to the planned use of approximately $6 to $8 million in cash and investments to fund operations during the second half of 2008. The Company expects to end 2008 with approximately $87 to $89 million of cash and investments.

"We are very pleased with the improvement of our balance sheet during the second quarter and the rapid progress CR011-vcMMAE has made in the clinic during the first half of 2008. Over the past six months, the CR011-vcMMAE clinical development program has achieved mil
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