CuraGen Corporation Reports Strong First Quarter Results and Expansion of Gene Discovery Collaboration with Pioneer Hi-Bred International

Strategic Insights -

CuraGen Corporation, a biotechnology company pioneering the application of assembly-line genomics, announced its financial results for the first quarter of 1998. The company reported a revenue increase of 61% over the same period in 1997, reaching $1,989,572. The net loss before preferred dividends was $3,167,513, or $0.34 per share, compared to a net loss of $536,484, or $0.10 per share, in the first quarter of 1997.

Key Takeaways:

  • CuraGen Corporation reported a 61% increase in revenue for the first quarter of 1998, reaching $1,989,572.
  • The company's net loss before preferred dividends was $3,167,513, or $0.34 per share, compared to a net loss of $536,484, or $0.10 per share, in the first quarter of 1997.
  • CuraGen completed a successful initial public offering on March 17, 1998, raising $44 million in net proceeds and redeeming all outstanding shares of Preferred Stock for $1.75 million.
  • The company expanded its gene discovery collaboration with Pioneer Hi-Bred International, Inc. on April 15, 1998, with Pioneer increasing its minimum annual research funding to CuraGen to support the Company's GeneCalling process.
  • CuraGen had $53.8 million in cash and cash equivalent investments at March 31, 1998, and employed over 190 people.
  • Revenues for the quarter increased largely due to additional collaboration revenue received under the Company's collaborative research and development arrangements with Pioneer and Biogen.

Statistics:

  • Revenue for the first quarter of 1998: $1,989,572
  • Revenue increase over the first quarter of 1997: 61%
  • Net loss before preferred dividends for the first quarter of 1998: $3,167,513
  • Net loss before preferred dividends for the first quarter of 1997: $536,484
  • Net loss attributable to common stockholders for the first quarter of 1998: $3,675,948
  • Net loss attributable to common stockholders for the first quarter of 1997: $553,590
  • Cash and cash equivalent investments at March 31, 1998: $53.8 million
  • Total employees: over 190

Sources:

  • BUSINESS WIRE - May 6, 1998
  • CuraGen Corporation - First Quarter 1998 Press Release