(a tiny bit of) yesterday's news.
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CuraGen Corporation Raises $26 Million from Biogen and Genentech
October 19, 1999 08:02 AM
NEW HAVEN, Conn., Oct. 19 /PRNewswire/ -- CuraGen Corporation (CRGN), an integrated genomics-based drug discovery and development company, announced today that it has exercised its right under existing collaborative agreements with Biogen, Inc. (BGEN) and Genentech, Inc. (DNA) to borrow an aggregate of $26 million. Simultaneously, with this draw down, CuraGen converted these loans into approximately 1.6 million shares of CuraGen stock at $16.366 per share. These transactions increased Biogen's equity position in CuraGen by $10 million and Genentech's position by $16 million, combining to provide CuraGen with an additional $26 million in cash.
"CuraGen is continuing to enhance and develop its suite of innovative technologies to remain at the cutting edge of the genomics industry," stated Jonathan M. Rothberg, Ph.D., Founder, Chairman, and CEO of CuraGen Corporation. Dr. Rothberg further stated, "This additional capital, when combined with Pequot Capital's recent investment, further strengthens CuraGen's ability to add appropriate technologies to better service its collaborators and to advance CuraGen's proprietary drug development programs." The Company previously announced, in September of this year, that Pequot Capital Management, Inc. invested $15 million in CuraGen through a private placement financing.
CuraGen Corporation is advancing the discovery and development of pharmaceutical and life science products through the systematic application of genomics. CuraGen's fully integrated, Internet-based genomics technologies, services, and information systems are designed to rapidly generate comprehensive information about human genetic variations, gene expression, biological pathways, and potential products that affect these pathways. CuraGen's research collaborators include Biogen (BGEN), COR Therapeutics (CORR), Genentech (DNA), Glaxo Wellcome (GLX), Hoffmann-La Roche, and Pioneer Hi-Bred International (PHB). The Company employs over 300 people and is headquartered in New Haven, CT, with additional facilities in Branford, CT and Alachua, FL. Additional Company information is available at curagen.com. |
