Friday, September 26, 2008

CuraGen acknowledges Nasdaq notice

By Mass High Tech Staff

Biopharmaceutical company CuraGen Corp. of Branford, Conn., (Nasdaq: CRGN) said today that it has received a letter from Nasdaq, dated September 23, notifying the company that it had failed to maintain the minimum $1 stock price for the preceeding 30 consecutive trading days.

Curagen said it will be allowed 180 days, until March 23, 2009, to regain compliance with the exchange’s minimum bid price requirement. If the company is unable to meet that requirement, Nasdaq would provide notice that CuraGen stock would be delisted.

CuraGen is a clinical-stage biopharma focused on oncology.

Earlier this month CuraGen announced that it had completed enrolling patients into a Phase 2 trial testing its antibody-drug conjugate CR011-vcMMAE for the treatment of metastatic melanoma. The milestone was achieved ahead of schedule, the company stated. The open-label, multi-center trial enrolled 36 patients and is set up to test the drug, administered intravenously once every three weeks, in patients with inoperable Stage III or Stage IV melanoma. The company stated that final results will be released during the first half of 2009.

CuraGen also stated that results from an earlier Phase 1/2 trial will be presented during the 23rd Annual Meeting of the International Society for Biological Therapy of Cancer (iSBTc) in San Diego next month.