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Compugen Posts Q2 Profit on Sale of Investment

NEW YORK (GenomeWeb News) – Compugen today posted a $2.4 million profit for the second quarter due entirely to the sale of $3.6 million worth of shares that it held in Evogene.

The Tel Aviv, Israel-based firm reported total revenues of $225,000 for the three-month period ended June 30, compared to revenues of $40,000 for the second quarter of 2008.

Its net income was $2.4 million, or $.08 per share, compared to a net loss of $3 million, or $.10 per share, for the second quarter of 2008. During the quarter, Compugen sold one million shares of its holdings in Evogene in a private transaction to a single, unidentified purchaser. The $3.6 million in net proceeds were recorded as "other income" for the period.

Compugen's R&D spending declined 38 percent to $1.5 million from $2.4 million, while its SG&A expenses fell around 43 percent to $622,000 from roughly $1.1 million.

Compugen finished the quarter with $6.5 million in cash, cash equivalents, short-term deposits, and marketable securities.

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