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Compugen Cuts Q1 Loss on Lower Spending

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.

Compugen finished the quarter with $4.3 million in cash, cash equivalents, short-term deposits, and, marketable securities. In addition, the firm holds a little more than 2 million shares of stock in Evogene, which it valued at around $4.8 million.

The firm said in a statement that it believes it has sufficient resources to fund its operations through mid-2010.

In early Tuesday trade on the Nasdaq, Compugen's shares were up 12 percent at $1.04.