CuraGen Corporation (CRGN)

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CuraGen Reports First Quarter 2008 Financial Results
Tuesday April 22, 6:30 am ET
- CR011-vcMMAE in Phase II for melanoma, to begin Phase II for breast cancer -
- Conference call to be hosted today at 9:00 a.m. EDT -

BRANFORD, Conn., April 22 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN) today reported its financial results for the first quarter of 2008. For the quarter ended March 31, 2008, CuraGen reported a net loss of $6.8 million, or $0.12 per share, compared to a net loss of $17.0 million, or $0.31 per share, for the same period in 2007.

During the first quarter, CuraGen incurred costs totaling $1.5 million for milestones related to the advancement of CR011-vcMMAE into Phase II clinical development. Of the decrease in cash and investments of $7.6 million during the first quarter of 2008, $2.6 million was related to non-recurring restructuring payments and payments associated with a previously discontinued program.

As of March 31, 2008, CuraGen had cash, restricted cash and investments of approximately $107.4 million. Following this morning's announced transaction with TopoTarget A/S, CuraGen currently projects a total of approximately $145 million in cash, restricted cash and investments at April 30, 2008.

CuraGen has also revised its 2008 financial guidance. CuraGen anticipates ending 2008 with approximately $135 million of cash and investments compared to previously provided guidance of $90 million. During the second half of 2008, CuraGen anticipates using approximately $6 to $8 million of cash and investments to fund operations.

"During the first quarter we continued to make progress strengthening our balance sheet and working to enhance shareholder value. We believe that our increased cash position and reduced anticipated cash burn for 2008 provides us with ample resources to advance CR011-vcMMAE through Phase II and the ability to act on promising business development initiatives that could diversify our pipeline," commented Dr. Timothy Shannon, President and Chief Executive Officer of CuraGen. "With the recent advancement of CR011-vcMMAE into Phase II, we also look forward to the presentation of updated clinical trial results on this program in June at the 2008 ASCO Annual Meeting."

In addition, CuraGen today announced plans to begin Phase II development of CR011-vcMMAE in metastatic breast cancer. The first study for this indication will be an uncontrolled clinical trial of CR011-vcMMAE for the treatment of patients with locally advanced or metastatic breast cancer who have received previous chemotherapy. Enrollment is scheduled to begin in the third quarter.

"GPNMB, the antigen recognized by the CR011 antibody-drug conjugate, has emerged as an important target in breast cancer. The unmet need and market potential of breast cancer make this an excellent opportunity for value creation with CR011-vcMMAE where we can leverage the experience we already have with the drug in melanoma," said Dr. Shannon, "and we look forward to providing data from the breast program as they emerge."

Upcoming Presentation on CR011-vcMMAE
ASCO 2008 Annual Meeting, May 30 - June 3, Chicago, IL
- "A Phase I/II Study of CR011-vcMMAE, an Antibody Toxin Conjugate Drug,
in Patients with Unresectable Stage III /IV Melanoma." Poster
discussion. Sunday, June 1, 2008 from 2:00 p.m. - 6:00 p.m. Poster
Board #: 18. Location: W375e.

Conference Call Details and Dial-in Information

Date: Tuesday, April 22, 2008
Time: 9:00 a.m. EDT
Dial-in: 877-272-5391 (domestic)
706-758-4315 (international)
Passcode: 44717174
Webcast: Access to the live webcast is available at
http://www.curagen.com.

A replay of the conference call will be available starting at 12:00 p.m. Eastern time on Tuesday, April 22, 2008 through Thursday, May 22, 2008 by dialing 800-642-1687 (domestic) or 706-645-9291 (international). The passcode for the replay is 44717174. An archive of the webcast will be available for 30 days at http://www.curagen.com.