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The letter stated that, in accordance with NASDAQ Marketplace Rule4450(e)(2), CuraGen will be provided 180 calendar days, or until March 23,2009, to regain compliance with the minimum bid price requirement set forth inNASDAQ Marketplace Rule 4450(a)(5) by maintaining a closing bid price of $1.00per share or higher for a minimum of 10 consecutive trading days. If CuraGenis unsuccessful in meeting the minimum bid requirement during this initial180-day period, NASDAQ will provide notice to CuraGen that CuraGen's commonstock will be delisted from the NASDAQ Global Market. If CuraGen receivessuch a notice, it may apply to transfer its common stock to the NASDAQ CapitalMarket if CuraGen satisfies all criteria for initial listing on the NASDAQCapital Market, other than compliance with the minimum bid price requirement.If such application to the NASDAQ Capital Market is approved, then CuraGenwill have an additional 180-day compliance period in order to regaincompliance with the minimum bid price requirement while listed on the NASDAQCapital Market.
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CuraGen is considering alternatives to regain compliance with thecontinued listing requirements of the NASDAQ Global Market within the initial180-day period.
About CuraGen
CuraGen Corporation (Nasdaq: CRGN) is a dedicated clinical-stagebiopharmaceutical company developing diverse approaches for the treatment ofcancer. CuraGen Corporation is headquartered in Branford, Connecticut. Foradditional information please visit http://www.curagen.com.
Safe Harbor
Statements in this press release may constitute forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of 1995.Forward-looking statements can be identified by terminology such as"anticipate," "believe," "could," "could increase the likelihood," "estimate,""expect," "intend," "is planned," "may," "should," "will," "will enable,""would be expected," "look forward," "may provide," "would" or similar terms,variations of such terms or the negative of those terms. Such forward-lookingstatements involve known and unknown risks, uncertainties and other factorsincluding the risk that CuraGen's efforts to regain and maintain compliancewith the listing standards of the NASDAQ Global Market will not be successfuland that CuraGen's drug development program for CR011-vcMMAE will not proceedas planned for technical, scientific, regulatory or commercial reasons or dueto patient enrollment issues or based on new information from nonclinical orclinical studies or from other sources as well as risks related to the successof competing products and technologies, CuraGen's stage of development as abiopharmaceutical company, government regulation and healthcare reform,technological uncertainty and product development risks, product liabilityexposure, uncertainty of additional funding, CuraGen's history of incurringlosses and the uncertainty of achieving profitability, reliance on researchcollaborations and strategic alliances, competition, patent infringementclaims against CuraGen's products, processes and technologies, CuraGen'sability to protect its patents and proprietary rights and uncertaintiesrelating to commercialization rights, as well as those risks, uncertaintiesand factors referred to under the section entitled "Risk Factors" in CuraGen'sQuarterly R
