NEW YORK, Nov 3 - Compugen expects to generate revenues from sales of its proteomics product in the fourth quarter as the company makes further strides into this sector, CEO Eli Mintz said Friday.
Earlier this week the Tel Aviv-based company reported third quarter revenues of $1.43 million, compared with $501,000 in the year ago period. The revenue figure did not include sales of Z3, Compugen’s 2-D gel electrophoresis analysis system, which was launched in the third quarter.
Mintz declined to speculate about what proportion of revenues would stem from sales of its proteomics products, but did say that the company would continue to expand into this burgeoning sector.
“I think there are certain areas that are virgin territory, [where] we can add a little value,” said Mintz, noting that the proteomics effort would be an important part of its overall genomics strategy.
In addition to getting into proteomics, Compugen, which started out as an accelerator developer and bioinformatics company, is ramping up its sales and marketing efforts with a new office in San Francisco.
“That’s where the business is,” said Mintz.
Besides its headquarters in Israel, the company also maintains a research lab and sales presence in New Jersey.