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CuraGen Q2 Revenues Slump, Losses Jump

NEW YORK, July 25-CuraGen today reported sharply decreased revenues and doubled net losses for the second quarter of 2002.

 

As a result of CuraGen's move away from service collaborations and toward proprietary drug development, revenues slumped from $6.2 million in Q2 of 2001 to $3.7 million in the recently concluded quarter, a decline of 40 percent.

 

Net losses climbed from $10.3 million in the second quarter of last year ($0.21 per share) to $22 million ($0.45 per share) in the equivalent period this year.

 

R&D expenses climbed 36 percent to $22.2 million.

 

The company also said that it had expanded its obesity and diabetes drug development collaboration with Bayer. In this partnership, CuraGen will apply proteomics techniques to identify drug targets, and the partners will co-develop and co-commercialize promising compounds.

 

CuraGen is based in New Haven, Conn. For more details, see the company report.

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