CuraGen Corporation (CRGN)

[surf1944]

CuraGen Sells 5 Million TopoTarget Shares for Approximately $12 Million
Thursday May 22, 4:15 pm ET

BRANFORD, Conn., May 22 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN) announced today the completion of a series of privately negotiated transactions in which the Company sold the 5,000,000 shares of TopoTarget common stock issued to the Company as partial payment for the sale of CuraGen's ownership in belinostat. After expenses, CuraGen will receive approximately $12 million in cash.

"We are pleased to announce the planned, orderly liquidation of our position in TopoTarget stock. These sales, when added to the up-front cash payment we received from TopoTarget on April 22, 2008, bring the total cash realized by CuraGen to approximately $38 million," stated Dr. Timothy Shannon, President and Chief Executive Officer of CuraGen Corporation. "We also retain further potential upside related to belinostat consisting of up to $6 million in potential milestone payments on future net sales and sublicenses of belinostat."