BRANFORD, Conn., May 29 CT-CuraGen-Co-NASDAQ
BRANFORD, Conn., May 29 /PRNewswire-FirstCall/ -- CuraGen Corporation
(Nasdaq: CRGN) today announced that it had received notification from The
NASDAQ Stock Market that the Company has regained compliance with the
requirements for continued listing on the NASDAQ Global Market, and that this
matter is now closed.
In a letter dated January 28, 2008, NASDAQ had previously informed the
Company that CuraGen had until July 28, 2008 to regain compliance with
Marketplace Rule 4450(a)(5) by maintaining a closing bid price of $1.00 per
share or higher for at least 10 consecutive business days.
"We are pleased with this decision by NASDAQ. Since receiving the initial
communication from NASDAQ in late January, we have successfully advanced our
lead clinical program CR011-vcMMAE into Phase II development, completed the
sale of our interest in belinostat for approximately $38 million in cash thus
far, removed $50.9 million in debt from our balance sheet, and announced a
reduction in our burn rate guidance for the balance of the year. We believe
these actions have generated value and contributed to the restoration of our
full NASDAQ compliance, and we thank our shareholders who have shown
confidence in CuraGen during this notification period," stated Dr. Timothy
Shannon, President and Chief Executive Officer of CuraGen.
About CuraGen
CuraGen Corporation (Nasdaq: CRGN) is a clinical-stage biopharmaceutical
company developing promising approaches for the treatment of cancer. CuraGen
Corporation is headquartered in Branford, Connecticut. For additional
information please visit http://www.curagen.com.
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 successful advancement of its lead
clinical program CR011-vcMMAE into Phase II development, the sale of CuraGen's
ownership and development rights to belinostat, the removal of debt from
CuraGen's balance sheet, the reduction in burn rate guidance for the balance
of 2008 and the effect such actions have had on CuraGen's value and the
compliance with NASDAQ's continued listing requirements 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 Quarterly Report on
Form 10-Q for the period ended March 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.
Contacts:
Sean Cassidy
Vice President and Chief Financial Officer
scassidy@curagen.com
Glenn Schulman, Pharm.D.
Director Medical Communications
gschulman@curagen.com
(888) 436-6642
CRGN-F
SOURCE CuraGen Corporation
