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EXHIBIT 99.1
Press Release of the Registrant
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CuraGen Establishes Subsidiary to Develop Large-Scale Genomic
Technologies 454 Corporation Raises $32.5 Million in Initial Funding
NEW HAVEN, Conn., Jun 6, 2000 -- CuraGen Corporation (Nasdaq:CRGN), an
integrated genomics based drug discovery and development company, today
announced the launch of 454 Corporation, a majority-owned subsidiary established
to develop novel technologies for use in drug discovery, preclinical
development, and pharmacogenetics. This subsidiary has been funded in part
through a private placement totaling $32.5 million from investors including
Soros Fund Management, L.L.C. and Cooper Hill Partners, L.L.C.
"454 Corporation has been established to create and develop novel technologies
designed to capitalize on human gene sequence data, such as the data generated
by the human genome project. The industry's existing genomic and proteomic
technologies are limited by their inability to analyze more than one gene at a
time. 454 Corporation is developing technologies that will potentially overcome
this roadblock by analyzing all the genes that comprise a genome in a panoramic,
massively parallel fashion. These technologies have the potential to change how
diseases are studied, the process in which patients are diagnosed, and the way
drugs are prescribed," stated Jonathan M. Rothberg, Ph.D., Founder, Chairman,
and CEO of CuraGen Corporation. "These technologies are as different from
existing technologies as the integrated circuit is different from the
transistor," added Dr. Rothberg.
Establishing this independently funded subsidiary better enables 454 Corporation
to take advantage of new opportunities, while permitting CuraGen scientists to
continue leveraging CuraGen's current base of functional genomic technologies.
CuraGen is rapidly advancing its proprietary programs aimed at discovering and
developing novel therapeutic products to treat obesity and diabetes, cancer,
autoimmune diseases, and psychiatric disorders. CuraGen has approximately $220
million in available cash resources to continue funding its proprietary product
development pipeline.
In the immediate future, CuraGen expects to make additional announcements
surrounding the election of a Board of Directors and the appointment of a Chief
Executive Officer to oversee the strategic direction and operations for 454
Corporation.
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 functional genomic technologies,
services, and information systems are designed to rapidly generate comprehensive
information about genes, human genetic variations, gene expression, protein
pathways, and potential products that affect these pathways. The Company is
applying these functional genomic technologies to develop protein drugs,
antibody drugs, and small molecule drug targets. CuraGen's research
collaborators include Abgenix, Biogen, COR Therapeutics, Gemini, Genentech,
Glaxo Wellcome, Hoffmann-La Roche, Pioneer Hi-Bred International, and Roche
Vitamins. CuraGen employs over 300 people and is headquartered in New Haven, CT.
Additional Company information is available at http://www.curagen.com.
This release may contain forward-looking statements that are subject to certain
risks and uncertainties, including both CuraGen's and 454 Corporation's
abilities to successfully enhance and develop their respective technologies, and
CuraGen's ability to further advance its internal disease programs. Such
statements are based on management's current expectations and are subject to a
number of factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. The Companies
caution investors that there can be no assurance that actual results or business
conditions will not differ materially from those projected or suggested in such
forward-looking statements as a result of various factors, including, but not
limited to, the following: Both CuraGen's and 454 Corporation's early stages of
development, technological uncertainties and product development risks,
uncertainties surrounding the availability of additional funding, reliance on
research collaborations, competition, both CuraGen's and 454 Corporation's
ability to protect their patents and proprietary rights, and uncertainties
relating to commercialization rights.
SOURCE CuraGen Corporation
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