NEW YORK (GenomeWeb News) – Compugen today reported that its first quarter net loss declined 8 percent as the firm cuts its R&D and SG&A spending.

The Tel Aviv, Israel-based firm reported no revenues for the three-month period ended March 31, compared with revenues of $281,000 for the first quarter of 2008.

Its net loss decreased to $2.3 million, or $.08 per share, from $2.5 million, or $.09 per share, year over year.

The firm's R&D costs declined 30 percent to $1.4 million from $2 million, and its SG&A spending fell from $1 million to $851,000.

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