Exhibit 12.1



CURAGEN CORPORATION AND SUBSIDIARY

RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratio data)



|                                                                             |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|---------------------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - |  | ---- | ------- | - |  | - | ------- | -
|                                                                             |  | Year Ended December 31, |        
|                                                                             |  | 2003                    |         |   | 2002 |   |         | 2001 |  |   | 2000    |   |  | 1999 |        
|Loss:                                                                        |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Loss before income tax benefit and minority interest in subsidiary loss      |  | $                       | (80,634 | ) |      | $ | (95,793 | )    |  | $ | (47,968 | ) |  | $    | (28,706 | ) |  | $ | (25,763 | )
|Add: Fixed charges                                                           |  |                         | 10,612  |   |      |   | 10,909  |      |  |   | 11,153  |   |  |      | 10,558  |   |  |   | 1,637   |  
|                                                                             |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total loss                                                                   |  | $                       | (70,022 | ) |      | $ | (84,884 | )    |  | $ | (36,815 | ) |  | $    | (18,148 | ) |  | $ | (24,126 | )
|                                                                             |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Fixed charges:                                                               |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Interest expense on indebtedness (including amortization of financing costs) |  | $                       | 9,830   |   |      | $ | 10,176  |      |  | $ | 10,553  |   |  | $    | 10,066  |   |  | $ | 1,192   |  
|Estimated interest portion of rental expense                                 |  |                         | 782     |   |      |   | 733     |      |  |   | 600     |   |  |      | 492     |   |  |   | 445     |  
|                                                                             |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Total fixed charges                                                          |  | $                       | 10,612  |   |      | $ | 10,909  |      |  | $ | 11,153  |   |  | $    | 10,558  |   |  | $ | 1,637   |  
|                                                                             |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Ratio of Earnings to Fixed Charges                                           |  |                         | (6.60   | ) |      |   | (7.78   | )    |  |   | (3.30   | ) |  |      | (1.72   | ) |  |   | (14.74  | )
|                                                                             |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |  
|Deficiency of Earnings Available to Cover Fixed Charges                      |  | $                       | (80,634 | ) |      | $ | (95,793 | )    |  | $ | (47,968 | ) |  | $    | (28,706 | ) |  | $ | (25,763 | )
|                                                                             |  |                         |         |   |      |   |         |      |  |   |         |   |  |      |         |   |  |   |         |