CuraGen's 4th qtr loss falls 22%; price too low

USA-based CuraGen's operating loss for the fourth quarter of 2007 narrowed to $11.0 million, down 22.4% on the deficit it reported in the comparable period in 2006. Furthermore, the firm's loss from continued operations fell 82.4% to $2.6 million following the sale of its 454 Life Sciences subsidiary to Roche (Marketletter April 2, 2007).

For the full year, CuraGen reported a loss from continuing operations of $49.9 million, down 12.6% on 2006. Commenting on the results, chief executive Timothy Shannon said that the firm had strengthened it balance sheet by monetizing $91.0 million of non-core assets, and reducing its convertible debt level by $106.0 million.

On a negative note, on January 31, Curagen was informed that its share price was below the minimum $1.00 required for continued listing on the Nasdaq. The firm said it is considering alternatives to regain compliance.