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"We are pleased to announce the planned, orderly liquidation of ourposition in TopoTarget stock. These sales, when added to the up-front cashpayment we received from TopoTarget on April 22, 2008, bring the total cashrealized by CuraGen to approximately $38 million," stated Dr. Timothy Shannon,President and Chief Executive Officer of CuraGen Corporation. "We also retainfurther potential upside related to belinostat consisting of up to $6 millionin potential milestone payments on future net sales and sublicenses ofbelinostat."
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About CuraGen
CuraGen Corporation (Nasdaq: CRGN) is a clinical-stage biopharmaceuticalcompany developing promising approaches for the treatment of cancer. CuraGenCorporation is headquartered in Branford, Connecticut. For additionalinformation please visit http://www.curagen.com.
Forward-Looking Statements
Statements in this press release regarding management's futureexpectations, beliefs, intentions, goals, strategies, plans or prospects,including statements relating to CuraGen's potential economic benefits fromfuture net sales and sublicense of belinostat may constitute forward-lookingstatements within the meaning of the Private Securities Litigation Reform Actof 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 any one or more of CuraGen's drug development programswill not proceed as planned for technical, scientific or commercial reasons ordue to patient enrollment issues or based on new information from nonclinicalor clinical studies or from other sources, the success of competing productsand technologies, CuraGen's stage of development as a biopharmaceuticalcompany, government regulation and healthcare reform, technologicaluncertainty and product development risks, product liability exposure,uncertainty of additional funding, CuraGen's history of incurring losses andthe 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 in CuraGen's Quarterly Report on Form 10-Q for theperiod ended March 31, 2008 filed with the Securities and Exchange Commissionunder the section "Risk Factors," as well as other documents that may be filedby CuraGen from time to time with the Securities and Exchange Commission. Asa result of such risks, uncertainties and factors, CuraGen's actual resultsmay differ materially from any future results, performance or achievementsdiscussed in or implied by the forward-looking statements contained herein.CuraGen is providing the information in this press release as of this date andassumes no obligations to update the information included in this pressrelease or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise.CuraGen Contacts: Sean Cassidy Vice President and Chief Financial Officer [email protected] Glenn Schul
