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Fresh From Layoffs, CuraGen Posts Shrunken Q2 Revenue, Widened Loss

NEW YORK, July 24 - Continuing its metamorphosis into a drug-development company, and fresh from a round of layoffs, CuraGen today reported fallen revenue, decreased R&D spending, and widening net losses in the second quarter.


Revenue for the period ended June 30 tumbled to $1.7 million from $3.7 million during the same quarter last year.


R&D spending in the quarter, meantime, fell to $18.4 million from $22.2 million year over year. As a result, net loss inched up to $23.4 million, or $.48 per share, from $22 million, or $.45 per share, in the second quarter last year.


As GenomeWeb reported  last month, CuraGen sacked 20 percent of its staff, or around 80 people, as it continues to direct its focus on its pipeline of protein, antibody, and small molecule therapeutics.


At the time, CuraGen 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." Today, the company said the layoffs will shave between $5 million and $10 million from its 2003 burn rate.


"CuraGen remains in a strong financial position as the company continues to shift resources downstream with the intent to rapidly advance our pipeline of novel therapeutics," Jonathan Rothberg, CEO, president, and chairman said in a statement today.


Separately, CuraGen said its gene-sequencing subsidiary, 454 Life Sciences, will in August announce a technology "milestone."


CuraGen had around $378.6 million in cash and investments as of June 30.


Click here for more information on CuraGen's earnings.

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