Friday, February 27, 2009

Forsgren fills CuraGen’s new board chairman role

By Mass High Tech staff

Branford, Conn.-based CuraGen Corp. has named board member John Forsgren to the company’s newly created position of executive chairman of the board, CuraGen officials announced.

The formation of the new role stems from a suggestion from Robert Patricelli, a non-executive chairman leaving the board, who said the board would benefit from leadership and guidance as CuraGen (Nasdaq: CRGN) pursues “strategic initiatives” to make more money, including the possible sale of the company.

A seven-year CuraGen board member, Forsgren serves as chairman of the audit committee on the board. He also sits on the boards of Trident Resources, Port Townsend Paper Co. and The Phoenix Companies.

Earlier this month, CuraGen announced that its board of directors would be evaluating what to do with its drug CRO11, a fully human monoclonal antibody. The board feels it should consider “strategic alternatives that could enhance shareholder value.” This includes selling or licensing CR011, acquiring additional assets or business lines, or even putting the company on the auction block.

CuraGen ended 2008 with $88 million in cash and investments on hand, and over $500 million in net operating loss carry forwards, the company stated. The company expects to end the second quarter of 2009 with between $76 million and $77 million in cash and investments.