BRANFORD, Conn., Jan. 29 /PRNewswire-FirstCall/ -- CuraGen
Corporation (NASDAQ:CRGN), today reported its financial results for
the fourth quarter and calendar year of 2008 and provided milestone
and financial guidance for the first half of 2009. During the three
month period ended December 31, 2008, CuraGen utilized $3.8 million
of cash and investments and ended the fourth quarter with $88
million of cash and investments. At December 31, 2008, CuraGen has
outstanding $19 million of 4% convertible subordinated notes due
February 2011 with a market value of approximately $15 million. For
the quarter ended December 31, 2008, CuraGen reported total
operating expenses of $4.1 million, compared to total operating
expenses of $11.1 million during the same period in 2007. Included
in fourth quarter operating expenses is approximately $0.5 million
of restructuring charges for a reduction in work force undertaken
in December 2008. "We currently have $88 million of cash and
investments on hand and an attractive Phase II development asset
that shows activity in metastatic melanoma and promise in breast
cancer." commented Dr. Timothy M. Shannon, President and Chief
Executive Officer. "We are encouraged by the activity CR011-vcMMAE
has demonstrated to date and we will be releasing additional data
on our two ongoing trials in the second quarter of 2009" commented
Dr. Shannon. 2009 Milestones and Financial Guidance The following
statements are based on CuraGen's current expectations. These
statements are forward-looking and actual results may differ
materially. Please see the note regarding Forward-Looking
Statements in this release for a description of certain important
risk factors that could cause actual results to differ and refer to
CuraGen's periodic reports on file with the Securities and Exchange
Commission for a more complete description of the risks.
Anticipated milestones for CR011-vcMMAE through June 2009 include:
-- Complete and report on the final Phase II results of
CR011-vcMMAE in metastatic melanoma in the second quarter of 2009
-- Advance and report on the initial Phase II results of
CR011-vcMMAE in breast cancer in the second quarter of 2009 CuraGen
expects to use an average of $3.5 to $4.0 million of cash and
investments per quarter in the first half of 2009 to fund
operations and also expects to end the second quarter of 2009 with
between $80 and $81 million of cash and investments.
Forward-Looking Statements Statements in this press release
regarding management's future expectations, beliefs, intentions,
goals, strategies, plans or prospects, including statements
relating to the Company's revenue, expenses, depreciation,
amortization, asset impairment charges, losses, income, and future
cash and investment positions, the timing and expected results of
our clinical programs, and the development and marketability of
planned drugs, 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 quarter ended September 30, 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 otherwise. CRGN-F - FINANCIAL TABLES ATTACHED -
CURAGEN CORPORATION AND SUBSIDIARY CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share data)
Three Months Ended Year Ended December 31, December 31,
------------ ------------ 2008 2007 2008 2007 ---- ---- ---- ----
(unaudited) (unaudited) Collaboration revenue $- $22 $1,174 $88 --
--- ------ --- Operating expenses: Research and development 2,617
6,299 15,076 36,779 General and administrative 916 2,026 5,151
11,657 Restructuring charges 529 2,737 529 11,274 --- ----- ---
------ Total operating expenses 4,062 11,062 20,756 59,710 -----
------ ------ ------ Gain on sale of intangible asset - - 36,397 -
------ (Loss) income from operations (4,062) (11,040) 16,815
(59,622) Interest income 713 1,478 3,356 5,583 Interest expense
(213) (995) (1,687) (5,167) Gain on extinguishment of debt - 8,273
6,991 8,442 Realized (loss) gain on sale of available-for- sale
investments, net (200) (312) (372) 616 ---- ---- ---- --- (Loss)
income from continuing operations before income taxes (3,762)
(2,596) 25,103 (50,148) Income tax benefit (provision) 40 25 (322)
185 -- -- ---- --- (Loss) income from continuing operations (3,722)
(2,571) 24,781 (49,963) ------ ------ ------ ------- Discontinued
operations: Loss from discontinued operations - - - (2,991) Gain on
sale of subsidiary - - - 78,352 ------ Income from discontinued
operations - - - 75,361 ------ Net (loss) income ($3,722) ($2,571)
$24,781 $25,398 ======= ======= ======= ======= Basic (loss) income
per share from continuing operations ($0.07) ($0.05) $0.44 ($0.89)
Basic income per share from discontinued operations - - - 1.35 - -
- ---- Basic net (loss) income per share ($0.07) ($0.05) $0.44
$0.45 ====== ====== ===== ===== Weighted average number of shares
used in computing basic net (loss) income per share 56,870 56,279
56,738 55,853 ====== ====== ====== ====== SELECTED BALANCE SHEET
INFORMATION December 31, December 31, 2008 2007 ---- ----
(unaudited) Cash and investments $87,664 $100,444 Restricted cash -
14,533 - ------ Total cash and investments and restricted cash
87,664 114,977 ====== ======= Working capital 84,044 107,844 ======
======= Total assets 88,546 119,282 ====== ======= 4% Convertible
subordinated notes due 2011 18,967 69,890 ====== ====== Total
long-term liabilities 18,967 70,975 ====== ====== Accumulated
deficit 462,793 487,574 ======= ======= Stockholders' equity 65,465
38,465 ====== ====== Contacts: Sean Cassidy Vice President and
Chief Financial Officer 203 871-4400 DATASOURCE: CuraGen
Corporation CONTACT: Sean Cassidy, Vice President and Chief
Financial Officer, +1-203-871-4400,
Copyright
Grafico Azioni Curagen Corp. (MM) (NASDAQ:CRGN)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Curagen Corp. (MM) (NASDAQ:CRGN)
Storico
Da Lug 2023 a Lug 2024