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CuraGen Revenues Down, Losses Up in Q1

NEW YORK, April 26-CuraGen said yesterday that revenues had  slipped and net loss had nearly quadrupled for the first quarter of 2002.

 

For the quarter ended March 31, 2002, the company reported revenues of $4.8 million, down 16 percent from the equivalent quarter last year.

 

R&D was up 66 percent to $20.1 million as compared to the same reporting period in 2001.

 

CuraGen's net loss for the quarter was $19.6 million or 40 cents per common share. For Q1 in 2001, its loss was $5.4 million or 11 cents per share.

 

The company also reported cash resources and short-term investments of about $478 million.

 

CuraGen hopes to file its first IND with the Food & Drug Administration within six to 12 months.

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