NEW YORK (GenomeWeb News) – Compugen today reported that it had cut its net loss around 16 percent for the third-quarter, while the firm brought in no revenues for the period.
The Tel Aviv, Israel-based drug discovery informatics and drug development firm posted a net loss of $1.6 million, or $.05 per share, for the three-month period ended Sept. 30, compared to a net loss of $1.9 million, or $.06 per share, for the third quarter of 2009.
Its R&D spending for the quarter was $1.5 million compared to $1.4 million, while its SG&A expenses were $898,000 compared to $757,000.
"Substantial efforts during 2010 have been directed to planning and initiating a program to substantially increase the value of our discoveries by advancing selected molecules beyond the animal disease model proof of concept, something we have not previously done," Anat Cohen-Dayag, Compugen's president and CEO, said in a statement. "Also, with respect to other commercialization activities, we are currently in discussions with various companies regarding both licensing of certain product candidates and 'discovery on demand' collaborations."
Compugen finished the quarter with $21.4 million in cash, cash equivalents, short-term deposits, and marketable securities.