CuraGen Reports Second Quarter 2008 Financial Results and Clinical Progress of CR011-vcMMAE
Tuesday July 29, 6:30 am ET
- Results from Phase II Melanoma Trial Expected in the Fourth Quarter -
BRANFORD, Conn., July 29 /PRNewswire-FirstCall/ -- CuraGen Corporation (Nasdaq: CRGN), a clinical-stage biopharmaceutical company focused on oncology, today reported its financial results for the second quarter of 2008 and updated clinical progress of CR011-vcMMAE.
For the quarter ended June 30, 2008, CuraGen reported income from continuing operations of $39.3 million, or $0.69 per share, compared to a loss from continuing operations of $21.6 million, or $0.39 per share, during the same period in 2007. For the six months ended June 30, 2008, CuraGen reported income from continuing operations of $32.5 million or $0.57 per share, as compared to a loss from continuing operations of $37.5 million or $0.67 per share, during the same period in 2007. Significant one time transactions during the second quarter of 2008 included the sale of the rights to belinostat to TopoTarget A/S for approximately $38 million in cash and the repurchase of $50.9 million of debt for $43.2 million in privately negotiated transactions.
As of June 30, 2008, CuraGen had cash, restricted cash and investments of $95.0 million. CuraGen also today reaffirmed previously provided guidance related to the planned use of approximately $6 to $8 million in cash and investments to fund operations during the second half of 2008. The Company expects to end 2008 with approximately $87 to $89 million of cash and investments.
"We are very pleased with the improvement of our balance sheet during the second quarter and the rapid progress CR011-vcMMAE has made in the clinic during the first half of 2008. Over the past six months, the CR011-vcMMAE clinical development program has achieved milestones ahead of schedule including initiation of the Phase II breast cancer trial and accelerated enrollment of patients into the Phase II melanoma trial," commented Dr. Tim Shannon, President and Chief Executive Officer of CuraGen. "Over the remainder of 2008, we look forward to completing enrollment in the melanoma study and subsequently presenting updated results during the fourth quarter of this year."
surf's up......crikey
