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Compugen Cuts Q3 Spending, Loss on No Revenues

NEW YORK (GenomeWeb News) – Compugen today reported that its third quarter net loss fell 44 percent as the firm cut its R&D and SG&A spending.

The Israeli company reported no revenues for the three-month period ended Sept. 30, compared with revenues of $6,000 for the third quarter of 2008.

Compugen's net loss decreased to $1.9 million, or $.06 per share, from $3.3 million, or $.12 per share, year over year.

The firm's R&D costs declined 37 percent to $1.4 million from $2.3 million, and its SG&A spending fell to $757,000 from $1.3 million year over year.

"The industry interest and collaboration opportunities that we are now seeing for our company exist solely due to the broadly applicable drug and biomarker discovery capability that has been created at Compugen during the past decade," Compugen Co-CEO Martin Gerstel.

As of the end of the third quarter, Compugen had cash, cash equivalents, short-term deposits, and marketable securities of $5.7 million.

In early Tuesday trade on the Nasdaq, Compugen's shares were up less than 1 percent at $2.80.

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