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Compugen Narrows Q2 Net Loss, Appoints New CFO

NEW YORK (GenomeWeb News) - Compugen today posted $40,000 in revenues for the second quarter of 2008, compared to no revenues in the comparable period of 2007, accompanied by a 6 percent improvement in its second-quarter net loss.
 
The company also announced the appointment of Dikla Czaczkes Axselbard as chief financial officer, succeeding Ronit Lerner who resigned from the company. Axselbard served as director of finance for Compugen from 2002 through 2007, and has served as acting CFO since February.
 
Compugen’s net loss for the quarter ended June 30, 2008, was $3 million, including a non-cash expense of $416,000 related to stock based compensation, or $0.10 per share. The company’s net loss for the year-ago period was $3.2 million, including a non-cash expense of $436,000 related to stock based compensation, or $0.11 per share.
 
The company reported R&D expenses of $2.4 million for the second quarter of 2008, compared to $2.3 million for the second quarter of 2007. Sales and marketing expenses rose 30 percent to $355,000 from $272,000 in the comparable period of 2007.
 
As of June 30, Compugen had $12.6 million in cash, cash equivalents, deposits, and marketable securities.