* CuraGen mulls strategic options, including sale
* Reaffirms burn outlook for H1 2009
Feb 18 CuraGen Corp CRGN.O said it was
exploring strategic options, including a possible sale of the
company, acquiring additional assets or selling or licensing
its experimental cancer drug, CR011.
The company, which develops drugs mainly for the treatment
of cancer, retained JSB-Partners to identify potential
acquirers of its breast cancer drug, CR011-vcMMAE.
CuraGen currently has one mid-stage product, CR011-vcMMAE
for breast cancer and another experimental drug in pre-clinical
trial for ovarian cancer, CR014-vcMMAE.
With Wednesday's announcement, the biopharmaceutical
company has become the latest to join the ranks of several drug
developers who have chosen to explore strategic options as the
tightening credit market makes new funding unavailable.
The company said its burn outlook for the first half of
2009 remains unchanged at $7 million to $8 million and it
expects to end the second quarter with cash and investments of
$76 million to $77 million.
Shares of the company closed at 58 cents Tuesday on Nasdaq.
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(Reporting by Anand Basu in Bangalore; Editing by Jarshad