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Document Preview CuraGen Reports Second Quarter 2004 Financial Results |
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Title: |
CuraGen Reports Second Quarter 2004 Financial Results |
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Date: |
2004 |
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$41 |
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#288468 |
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Contact:
Fred Aslan, M.D.
faslan@curagen.com
CuraGen Corporation
1-888-GENOMICS
FOR IMMEDIATE RELEASE
CuraGen Reports Second Quarter 2004 Financial Results
-Addition of PXD101 to the Pipeline and Collaboration with
Seattle Genetics Highlight the Quarter-
| Conference Call Details: Live webcast will begin at 11:00 a.m. Eastern at www.curagen.com. A replay of the conference call will be available starting at 2:00 p.m. Eastern on July 29, 2004 through August 29, 2004, by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international). The passcode for the replay is 8878925. |
NEW HAVEN, Conn., July 29, 2004 CuraGen Corporation (Nasdaq: CRGN) today reported financial results for the second quarter ended June 30, 2004. CuraGen continues to advance its downstream drug development efforts while carefully managing overall expenditures. Net loss for the second quarter was $28.2 million or $0.57 per share, compared to $23.4 million or $0.48 per share for the same period in 2003. As of June 30, 2004, CuraGen had available cash and investments of $375.1 million. The Company had outstanding 6% subordinated convertible debt of $130 million due in February 2007 and 4% subordinated convertible debt of $110 million due in February 2011.
During the second quarter, CuraGen executed strategic agreements that have strengthened our pipeline: our recent collaboration with TopoTarget added PXD101, one of the most advanced histone deacetylase (HDAC) inhibitors in development for the treatment of cancer; and our collaboration with Seattle Genetics allows us to arm our proprietary antibodies with potent cancer drugs for more targeted activity against cancer cells, and we expect to be announcing clinical candidates that will utilize this approach in the near future, stated Jonathan M. Rothberg, Ph.D., Chief Executive Officer, President and Chairman of CuraGen. I am also pleased with the progress at 454 Life Sciences as they continue preparations for commercialization of their instruments and services, and the $2.4 million grant awarded to them from the National Institutes of Health (NIH) helps establish their technology as a leader in whole genome sequencing.
CG53135 continues to be on track to transition to Phase II later this year and we have recently reported preclinical data that demonstrates our ability to prevent oral mucositis in animals with a single-dose of CG53135, as well as our ability to treat oral mucositis in animals after the appearance of initial symptoms. We will continue to explore these characteristics in clinical development and believe that they could potentially have important therapeutic implications, stated Timothy M. Shannon, M.D., Executive Vice President of Research & Development and Chief Medical Officer. Furthermore, we are preparing to bring our first fully human monoclonal antibody, CR002, into Phase I for kidney inflammation later this year, are on track to transition PXD101 into Phase II during the first half of 2005, and are preparing to announce the next clinical candidates for 2005 and beyond.
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