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Compugen Reports Drop in Q1 Revenues

NEW YORK, April 21 (GenomeWeb News) - Tel Aviv, Israel-based Compugen today reported revenues of $1.5 million for its fiscal first quarter ending March 31, and a net loss of $3 million.


The company attributed the loss in revenues primarily from implementing a repositioning of its business to focus on drug development.


The first quarter revenues of $1.5 million included $401,000 from research and development grants, compared to $2.6 million, including $455,000 in R&D grants, for the year-ago quarter.


Net loss was $3 million, including a non-cash charge of $238,000 for the amortization of deferred compensation, compared to a net loss of $2.3 million, including $94,000 of deferred compensation, for the same quarter in 2003.


The company reported research and development expenses of $2.9 million, compared to $3.2 million for the year-ago quarter.


The company had $58.1 million in cash, cash equivalents, and marketable securities on hand at the end of the quarter, compared to $60.5 million in cash, cash equivalents, and marketable securities on Dec. 31, 2003.


In a statement, the company said that it expects to spend from $15 to $17 million for the calendar year, and expects to have a year-end balance of approximately $45 million.

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