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CuraGen Posts Shrunken Q3 Revenues as Drug Pipeline Matures

NEW YORK, Oct. 23 (GenomeWeb News) - CuraGen posted a significant fall off in total revenues at the end of the third quarter as the company tries to develop a viable drug-candidate pipeline.

 

Total receipts for the period ended Sept. 30 plummeted to $787,000 from $6 million one year ago, while CuraGen continues to "shift resources from discovery-based processes to preclinical and clinical activities" four months after it laid off 80 staffers.

 

R&D spending also fell in the quarter, to $15.1 million from $21.3 million one year ago.

 

Net loss, however, narrowed to $17.5 million, or $.35 per share, from $19.9 million, or $.41 per share, in the third quarter 2002. CuraGen also said it will begin issuing separate guidance for its 454 Life Sciences subsidiary beginning in 2004.

 

CuraGen said it had around $358 million in cash and investments as of Sept. 30.

 

As GenomeWeb News reported, CuraGen laid off 20 percent of its staff, or around 80 people, on June 19, as it directs its focus on its pipeline of protein, antibody, and small molecule therapeutics.

 

The firm said the move was intended to "shift resources from discovery-based processes to preclinical and clinical activities needed to advance CuraGen's ... pipeline of genomics-based therapeutics."

 

CuraGen also said it hopes the cash is saves will "strengthen" its genomics and proteomics chops and help its toxicogenomics and biomarker drug-discovery efforts.

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