Exhibit 12.1



CURAGEN CORPORATION AND SUBSIDIARY



RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratio data)



|                                                                             |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  
|---------------------------------------------------------------------------- |  | ----------------------- | - |  | -------- | - |  | -------- | - |  | -------- | - |  | -------- | -
|                                                                             |  | Year Ended December 31, |  
|                                                                             |  | 2004                    |   |  | 2003     |   |  | 2002     |   |  | 2001     |   |  | 2000     |  
|Loss:                                                                        |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  
|Loss before income tax benefit and minority interest in subsidiary loss      |  | ($97,231                | ) |  | ($80,634 | ) |  | ($95,793 | ) |  | ($47,968 | ) |  | ($28,706 | )
|Add: fixed charges                                                           |  | 14,013                  |   |  | 10,612   |   |  | 10,909   |   |  | 11,153   |   |  | 10,558   |  
|                                                                             |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  
|Total loss                                                                   |  | ($83,218                | ) |  | ($70,022 | ) |  | ($84,884 | ) |  | ($36,815 | ) |  | ($18,148 | )
|                                                                             |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  
|Fixed charges:                                                               |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  
|Interest expense on indebtedness (including amortization of financing costs) |  | $13,172                 |   |  | $  9,830 |   |  | $10,176  |   |  | $10,553  |   |  | $10,066  |  
|Estimated interest portion of rental expense                                 |  | 841                     |   |  | 782      |   |  | 733      |   |  | 600      |   |  | 492      |  
|                                                                             |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  
|Total fixed charges                                                          |  | $14,013                 |   |  | $10,612  |   |  | $10,909  |   |  | $11,153  |   |  | $10,558  |  
|                                                                             |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  
|Ratio of Earnings to Fixed Charges                                           |  | (5.94                   | ) |  | (6.60    | ) |  | (7.78    | ) |  | (3.30    | ) |  | (1.72    | )
|                                                                             |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  
|Deficiency of Earnings Available to Cover Fixed Charges                      |  | ($97,231                | ) |  | ($80,634 | ) |  | ($95,793 | ) |  | ($47,968 | ) |  | ($28,706 | )
|                                                                             |  |                         |   |  |          |   |  |          |   |  |          |   |  |          |  



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