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news.CuraGen has sold its ownership in belinostat, a Phase I/II histone deacetylase inhibitor, to TopoTarget for approximately $39 million upfront in a combination of cash and stock.
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CuraGen will receive $26 million in cash and five million shares of TopoTarget common stock, currently valued at approximately $13 million, and $6 million in potential commercial milestone payments related to future net sales and sublicenses of belinostat.
CuraGen will no longer have any funding requirements for belinostat as TopoTarget will immediately assume all financial and operational responsibility for the ongoing clinical development.
Timothy Shannon, president and CEO of CuraGen, said: “We feel the most effective use of our resources and best potential value creation opportunity for shareholders is based on CR011-vcMMAE, our un-partnered antibody-drug conjugate, currently in Phase II for the treatment of patients with metastatic melanoma and moving toward Phase II in metastatic breast cancer.”