BRANFORD, Conn., May 29 /PRNewswire-FirstCall/ -- CuraGen Corporation 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 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
