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Compugen Posts Smaller Q2 Revenue, Loss

NEW YORK, July 24 - Israeli bioinformatics company Compugen today reported contracted second-quarter revenue growth, thinned R&D spending and a slightly narrowed net loss.


Total revenue for the period ended June 30 was $2.8 million, down a touch from the $2.9 million Compugen posted during the same time last year. Though revenue from sales and services fell to $2.3 million from $2.8 million year over year, revenue for R&D in the current second quarter increased to $473,000 from $130,000 one year ago, the company said.


However, second-quarter R&D spending fell to $3 million from $3.8 million last year, Compugen said. This cutback likely helped the company reign in it its net loss for the second, which stood at $2.8 million, or $.11 per share, compared with $3.9 million, or $.15 per share, year over year.


Compugen said it had about $33.3 million in cash, cash equivalents, and short-term investments as of June 30.


The company has scheduled an investor conference call for 10:00 a.m. Eastern time.


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