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.