CuraGen Announces Board of Director Changes
27 Febbraio 2009 - 12:30PM
PR Newswire (US)
BRANFORD, Conn., Feb. 27 /PRNewswire-FirstCall/ -- CuraGen
Corporation (NASDAQ:CRGN) announced today that it is creating the
new position of Executive Chairman of the Board and is naming
current board member Mr. John H. Forsgren to fill that role.
Outgoing non-executive chairman Robert Patricelli said that he had
recommended this structural change to the board given the enhanced
need for board leadership and support to management as the company
pursues the exploration of strategic options which it announced on
February 18, 2009. Mr. Patricelli will remain on the CuraGen board
of directors. "Since I serve as the CEO of two very active private
companies, I can not devote the additional time that CuraGen now
needs," Patricelli said. "I am very grateful to John Forsgren for
stepping up to take on these enhanced responsibilities," he added.
Mr. Forsgren has previously served as chief financial officer of
several large public companies. He currently serves on the boards
of The Phoenix Companies, Port Townsend Paper Company, and Trident
Resources. He has served on the CuraGen board for seven years and
is currently Chairman of the Audit Committee. He said: "CuraGen has
a great array of product and management resources, and a very
strong financial position which gives it unique opportunities in
today's environment. I look forward to working with management and
the board to maximize the value of those assets for our
shareholders." Dr. Timothy M. Shannon, CuraGen's President and
Chief Executive Officer who will now report directly to Mr.
Forsgren, said that "the management team welcomes John Forsgren
taking on this executive role since he has extensive personal
experience in the management of transactions involving public
companies and that is the skill set we most need right now."
Forward-Looking Statements Statements in this press release
regarding management's future expectations, beliefs, intentions,
goals, strategies, plans or prospects 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 Contacts: Sean Cassidy Vice
President and Chief Financial Officer (203) 481-1104 DATASOURCE:
Curagen Corporation CONTACT: Sean Cassidy, Vice President and Chief
Financial Officer of CuraGen Corporation, +1-203-481-1104, Web
Site: http://www.curagen.com/
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