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CuraGen Sacks 80 as Focus Turns to Nascent Pipeline

NEW YORK, June 19 - CuraGen has laid off 20 percent of its staff, or around 80- people, as it directs its focus on its pipeline of protein, antibody, and small molecule therapeutics, the company said today.

 

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

 

The firm also said it hopes the cash is saves - which the firm will disclose next month - will "strengthen" its genomics and proteomics chops and help its toxicogenomics and biomarker drug-discovery efforts.

 

CuraGen had its first IND approval this year, and the company said it plans to have two additional approvals next year. "This restructuring further focuses the company on creating value from its first mover advantage in genomics, concentrating the company's investments on preclinical and clinical efforts necessary to accelerate our most promising therapeutics," said Jonathan Rothberg,  Chief Executive Officer, president and chairman.

 

CuraGen said laid-off employees will be eligible for severance pay, extended benefits, and outplacement services, CuraGen said.

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