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CuraGen Q4 Loss Widens
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Business New Haven
2/18/2002
By: BNH
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BRANFORD - Biotechnology firm CuraGen Corp. (NASDAQ: CRGN) reported January 31 that its fourth-quarter loss doubled on higher research and development expenses, and said its 2002 revenues would only reach about 75 percent of 2001 revenues.
The company's loss widened to $16.2 million, or 33 cents per share, from a loss of $8.6 million, or 21 cents per share, a year ago. Revenues from collaborations with drug development firms rose to $5.49 million from $5.22 million.
The company said it expects its 2002 operating loss to be between 60 percent and 70 percent over its 2001 loss.
Looking ahead, the company said it expects to initiate 20 protein therapeutic projects this year. CuraGen said it anticipates submitting two applications with the U.S. Food & Drug Administration to initiate clinical trials with protein-based drugs.
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