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CuraGen Completes Map, Raises $125 M from Bonds

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EW HAVEN, CT--CuraGen announced last week that it had applied its PathCalling technology to complete the first functional genomic map of an entire genome. Working in collaboration with Stanley Fields of the University of Washington, CuraGen’s scientists completed a protein interaction map for the entire yeast genome.

PathCalling is a high-throughput technology and database system that identifies novel protein interactions within biochemical pathways and associates those proteins with disease-related genes.

Based on its experience with yeast, the company said it would take two years to create a functional map of the human genome once the entire sequence is available. Founder and CEO Jonathan Rothberg said the company is "poised to utilize its proprietary technologies to translate this raw [human] sequence data into knowledge for creating the next generation of drugs."

The company’s shares surged 32 percent to a 52-week high of 135 1/8 last week on the news. Its research appeared in the February 10 issue of Nature.

CuraGen has also agreed to sell approximately $125 million of convertible subordinated debentures, which were to be issued earlier this month. Interest on the debentures will accrue at a rate of 6 percent a year, will mature in 2007, and are convertible into shares of CuraGen stock at $127.65 per share. The company intends to use the net proceeds from the sale of the bonds for general corporate purposes including its internal discovery and development programs as well as technology development.

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