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Compugen Posts $10K in Q4 Revenue; Cash Burn May Require Infusion in Mid-'09

NEW YORK (GenomeWeb News) — Compugen today reported revenue for the fourth quarter as R&D spending increased 20 percent and net loss widened 12 percent.
Total receipts for the three months ended Dec. 31, 2006, were $10,000 compared with zero revenue one year ago.
Compugen said R&D spending in the quarter rose to $2.9 million from $2.4 million year over year.
Net loss for the quarter increased to $3.8 million and included a $523,000 non-cash stock-based compensation expense, from $3.4 million last year, which included a $78,000 non-cash stock-based compensation expense.
As of Dec. 31, 2006, Compugen had $26.4 million in cash, cash equivalents, deposits, and marketable securities.
The company said it expects to spend between $12 million and $14 million in cash this year and spend between $9 million and $11 million in net cash. “Therefore, assuming no new sources of cash during 2007,” Compugen will end the year with around $16 million in cash, cash equivalents, deposits, and marketable securities.
“Assuming no new sources of cash during either 2007 or 2008 and anticipated net cash uses, the company anticipates that it would require additional cash resources by mid-2009, and that such additional required cash could be in the range of an estimated $20 million until positive cash flow could be achieved,” Compugen said in a statement.
The firm said that “market and other conditions will determine whether any necessary funds would be sought through equity-related offerings, collaborative or strategic arrangements, or some combination of these or other types of transactions.”

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