February 18, 2009 / 12:57 PM / 9 years ago

UPDATE 1-CuraGen says to consider strategic options

* CuraGen mulls strategic options, including sale

* Reaffirms burn outlook for H1 2009

Feb 18 (Reuters) - 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.

For the alerts double-click [ID:nWNAB3798] . (Reporting by Anand Basu in Bangalore; Editing by Jarshad Kakkrakandy)

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