NEW YORK, July 22 (GenomeWeb News) - Compugen on Wednesday reported a sharp decline in revenues and a higher net loss for the second quarter of 2004, as it continues implementing its plan to focus on its therapeutic protein pipeline.
The Tel Aviv, Israel-based firm posted a net loss of $3.4 million, or $.12 per share, versus a net loss of $2.4 million, or $.09 per share, for the second quarter of 2003. Its revenues for the quarter declined to $984,000 from $2.9 million in the comparable period a year ago.
The results reflect Compugen's decision in the first quarter to cease marketing its LEADS bioinformatics platform and redirect its resources toward therapeutic protein discovery. The company also is in the process of divesting software product lines and reducing its efforts in tools and services. Last summer, Compugen sold its Bioaccelerator product line to Bioacceleration Ltd.
As of June 30, 2004, Compugen had $54.8 million in cash, cash equivalents and marketable securities.