Healthcare Industry News: belinostat
News Release - May 29, 2007
CuraGen Announces Closing of 454 Life Sciences Corporation TransactionBRANFORD, Conn., May 29 (HSMN NewsFeed) -- CuraGen Corporation (Nasdaq: CRGN ), a clinical-stage biopharmaceutical company focused on oncology, announced today that the acquisition of 454 Life Sciences by Roche Holdings, Inc. has been completed.
"We are delighted with the completion of this strategic initiative which provides a significant infusion of non-dilutive capital to CuraGen. The proceeds from the transaction will strengthen our balance sheet, which we believe now provides approximately three years of operating cash to fund our current clinical development program and allows us to bring potentially one or more programs into Phase III during 2008," commented Dr. Frank Armstrong, President and Chief Executive Office of CuraGen.
CuraGen Corporation (Nasdaq: CRGN ) is a dedicated clinical-stage biopharmaceutical company developing diverse approaches, including novel protein, antibody, antibody-drug conjugate and small molecule therapeutics for the treatment of cancer and for cancer supportive care. CuraGen is currently conducting clinical trials to investigate the potential of velafermin, belinostat and CR011-vcMMAE. By leveraging the drug development strengths cultivated over the years, CuraGen expects to make a difference by advancing its promising therapeutics to address the unmet medical needs of cancer patients. CuraGen Corporation is headquartered in Branford, Connecticut. For additional information please visit http://www.curagen.com.
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to the use and effects of the process from the sale of 454 Life Sciences Corporation, the timing and expected results of our clinical programs, and the development and marketability of planned drugs, 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, uncertainty of additional funding, CuraGen's history of incurring losses and the uncertainty of achieving profitability, government regulation and healthcare reform, technological uncertainty and product development risks, product liability exposure, 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 the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 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, the Company'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.
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