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Compugen Posts Revenues in Q3; Will Need to Raise $10M to Stay Solvent Through 2010

NEW YORK (GenomeWeb News) — Compugen yesterday said it posted revenues for the third quarter of 2007 compared with none from the year-ago period, while R&D spending slid 8 percent and net loss grew by 8 percent.
 
The company reported $90,000 in revenue for the three months ended Sept. 30 compared with no revenue year over year.           
 
Compugen CEO Alex Kotzer said the revenue came from a milestone payment from an existing immunoassay diagnostic agreement.
 
Compugen said gross R&D spending in the quarter dipped to $2.3 million from $2.5 million year over year.
 
Net loss increased to $2.7 million from $2.5 million over the same quarter last year and included a $620,000 stock compensation payout, the company said.
 
As of Sept. 30, Compugen had $14.2 million in cash, equivalents, short-term deposits, and marketable securities.
 
Compugen Chairman Martin Gerstel said he expects the company will need around $10 million more to continue through the middle of 2010. However, by that time “we anticipate that the company will be in a very different strategic and financial position,” he said.

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