CuraGen to receive royalties on Bayer's licensing of BAY 76-7171 for diabetes management

By Lisa Kerner

Charlotte, N.C., July 19 - CuraGen Corp. said Bayer Pharmaceuticals Corp. plans to license BAY 76-7171 (formerly CT052), discovered under the companies' ongoing metabolic disorder collaboration to develop potential small molecule therapeutics for the management of diabetes.

CuraGen exercised its right to revert to a tiered royalty structure. The company will receive royalties on BAY 76-7171 product sales and will no longer contribute to the product's development costs.

"We anticipate that the licensing effort by Bayer for this program will be positive and help support future development of BAY 76-7171, a small molecule compound being developed for potential use in the treatment of type 2 diabetes," CuraGen president and chief executive officer Frank M. Armstrong said in a company news release.

"At CuraGen, we continue to focus our resources and development expertise on our advanced oncology therapeutics, including velafermin, PXD101 and CR011, and look forward to generating significant clinical results on these programs over the next 12 to 18 months."

An Investigational New Drug application for BAY 76-7171 was filed with the Food and Drug Administration in November 2005.

CuraGen is a biopharmaceutical company located in Branford, Conn.

Bayer is a Leverkusen, Germany-based pharmaceutical company.

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