NEW YORK, July 25- Compugen and Genaissance Pharmaceuticals both reported an increase in second quarter revenues relative to the year ago period, the companies announced Wednesday.
Tel Aviv-based Compugen reported a 93 percent increase in revenues from the year ago period, bringing in $2.9 million for the period ending June 30, 2001. The company attributed the increase to the introduction of new products, such as the Enhanced Z3 version of its automated system for analyzing proteins on 2D gels, as well as an increase in customers and collaborations during the past three months.
Genaissance Pharmaceuticals, based in New Haven, Conn., announced quarterly revenues of $1.1 million, compared to the $57,000 recorded during the second quarter of last year. The company said the increase is due to its ongoing implementation of its partnerships, such as that involving a subsidiary of Johnson & Johnson Company for the discovery, development and commercial application of the Genaissance HAP Technology, which matches genetic variation to patient response to medications.
Research and development expenses were up for both companies, from $4.8 million during the second quarter last year to $11.5 million this quarter for Genaissance, and an 81 percent increase to $3.8 million for Compugen.
The companies both reported a decrease in cash, cash equivalents, and marketable securities for the period ending June 30. Genaissance reported a decrease from $110.4 million at the beginning of this year to $82.1 million at the end of this latest quarter, and Compugen dropped from $90.7 million at the beginning of the year to $62.4 million in cash, cash equivalents, and short-term investments.
In terms of net losses, Compugen reported a loss of $4 million in this latest quarter, roughly equivalent to the $3.9 million from the year ago period. This latest net loss is equivalent to 15 cents per share. Genaissance announced losses of $13.2 million, or 58 cents per share.
While discussing these second quarter results, Genaissance executives announced that they have already completed enrollment in the haplotype study STRENGTH, which correlates patient haplotypes with the effects of four leading cholesterol-lowering drugs. In addition to the 600 patients needed for the study, the company said it had accepted 75 additional patients in response to an unexpected participant interest.