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CuraGen Sacks 128, Delays New Drug Research Center

NEW YORK, Nov. 7-In an effort to trim early-stage research expenses, CuraGen is laying off 128 employees and postponing construction of a new drug research center, the company said today.

 

The restructuring, which eliminates 25 percent of the company's staff, is intended to save CuraGen money and shift the company's focus toward preclinical and clinical drug development.

 

It will cost the company roughly $11 million in charges, including $8 million to delay construction of the new facility.

 

CuraGen had about $431 million in cash and investments as of Sept. 30, 2002, giving the company three to four years worth of funding at an annual burn rate of $80 to $100 million.

 

GenomeWeb reported earlier this fallthat the company would be taking moves to rein in spending.

 

 

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