Friday, May 30, 2008

CuraGen stock back in Nasdaq’s good graces

By Mass High Tech Staff

Biotech firm CuraGen Corp. reports it has regained compliance on the Nasdaq Global Market with its higher share price.

The Branford, Conn.-based drug developer (Nasdaq: CRGN) said it received notification of its compliance from the Nasdaq Stock Market after its common stock closed with a minimum bid price of $1 per share or more for 10 straight business days. Shares of CuraGen common stock closed at $1.14 on May 29.

The Nasdaq first notified the life sciences company of its noncompliance in January 2008, according to CEO Timothy Shannon, and the firm has since nixed $50.9 million in debt from its balance sheet and raised $38 million thus far through the sale of its interests in anti-cancer drug belinostat to Danish life sciences company TopoTarget AS.

CuraGen, which employs 33 workers, reported 2007 net income of $25.4 million on revenue of $90,000. Last year the company sold its genetic sequencing subsidiary, 454 Life Sciences, to Swiss life sciences giant Roche Holding AG in a deal worth up to $155 million.