CuraGen Reports First Quarter 2009 Financial Results
23 Abril 2009 - 5:30AM
PR Newswire (US)
BRANFORD, Conn., April 23 /PRNewswire-FirstCall/ -- CuraGen
Corporation (NASDAQ:CRGN), today reported its financial results for
the first quarter of 2009. During the three month period ended
March 31, 2009, CuraGen utilized $4.1 million of cash and
investments for operations and repurchased $4.8 million of debt for
$3.8 million and ended the first quarter with $80 million of cash
and investments. As of March 31, 2009, CuraGen had $14 million of
outstanding 4% convertible subordinated notes due February 2011.
For the quarter ended March 31, 2009, CuraGen reported total
operating expenses of $3.6 million, compared to total operating
expenses of $7.1 million during the same period in 2008. CuraGen
expects to use $3 to $4 million of cash and investments in the
second quarter of 2009 to fund operations, consistent with previous
guidance, and also expects to end the second quarter of 2009 with
between $76 and $77 million of cash and investments. "We currently
have $80 million of cash and investments on hand and an attractive
Phase II development asset that continues to show promising
activity in metastatic melanoma and early activity in breast
cancer. Abstracts on these studies have been accepted for
presentation at the Annual Meeting of the American Society of
Clinical Oncology in Orlando, FL (May 29 to June 2, 2009), where we
expect to report final results of our Phase II melanoma trial and
initial results of our breast cancer trial," commented Dr. Timothy
M. Shannon, President and Chief Executive Officer. As previously
announced on February 18, 2009, the Company's Board of Directors is
in the process of evaluating strategic alternatives. While the
process is underway, the Company does not intend to or expect to
disclose any developments regarding the process until, if ever, a
definitive agreement is entered into or the Board decides to
terminate the process. Forward-Looking Statements Statements in
this press release regarding management's future expectations,
beliefs, intentions, goals, strategies, plans or prospects,
including statements relating to CuraGen's revenue, expenses,
depreciation, amortization, asset impairment charges, losses,
income, future cash and investment positions and cash burn rate,
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 Annual Report on Form 10-K for the
year ended December 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 otherwise. CRGN-F - FINANCIAL TABLES ATTACHED -
CURAGEN CORPORATION CONDENSED STATEMENTS OF OPERATIONS (in
thousands, except per share data) Three Months Ended March 31,
--------- 2009 2008 ---- ---- (unaudited) Collaboration revenue $-
$22 Operating expenses: Research and development 1,682 5,371
General and administrative 1,906 1,715 ----- ----- Total operating
expenses 4 7 ----- ----- Loss from operations (4) (7) Interest
income 0 1 Interest expense (175) (797) Realized gain (loss) on
sale of available-for- sale investments, net 84 (4) Gain on
extinguishment of debt 962 - --- ---- Loss before income tax
benefit (2) (7) Income tax benefit 726 18 --- -- Net loss ($2) ($7)
=== === Basic net loss per share $(0.03) $(0.12) ====== ======
Weighted average number of shares used in computing basic net loss
per share 56,967 56,520 ====== ====== SELECTED BALANCE SHEET
INFORMATION March 31, December 31, 2009 2008 ---- ---- (unaudited)
Cash and investments $79,792 $87,664 ======= ======= Working
capital $78,153 84,044 ======= ====== Total assets $80,568 88,546
======= ====== 4% Convertible subordinated notes due 2011 $14,142
18,967 ======= ====== Total long-term liabilities $14,142 18,967
======= ====== Accumulated deficit $464,330 462,793 ========
======= Stockholders' equity $64,309 65,465 ======= ======
Contacts: Sean Cassidy Vice President and Chief Financial Officer
203 871-4400 DATASOURCE: CuraGen Corporation CONTACT: Sean Cassidy,
Vice President and Chief Financial Officer, of CuraGen Corporation,
+1-203-871-4400, Web Site: http://www.curagen.com/
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