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Compugen Reports 22-Percent Slide in Q3 Revenue, Names New CEO

NEW YORK, Nov. 2 (GenomeWeb News) - Compugen said today that revenues for the third quarter declined 22 percent while net losses remained flat.


The company also said it has named Alex Kotzer president and CEO. He started on Sept. 1.


Total revenues for the three months ended Sept. 30 fell to $761,000 from $971,000 year over year. About 87.5 percent of the amount, or $666,000, came from "governmental and other grants," said Compugen


Third quarter R&D spending increased slightly to $3 million from $2.8 million in the previous year.


The company reported that net loss remained flat for the quarter, at approximately $3.6 million, or $.13 per share.


As of Sept. 30, the company had $29.9 million in cash and cash equivalents.