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Compugen Reports Revenue Slide, Stagnant R&D, Narrowed Net Loss in Q3

NEW YORK, Oct. 24 - Compugen today said that a decrease in third-quarter revenue and stagnant R&D spending helped narrow net loss.


Revenue for the period ended Sept. 30 was $2.8 million, down from $3.1 million reported one year ago, Compugen said. Products and services accounted for $2.4 million of that (a decrease from the third quarter 2001), while income from R&D grants comprised around $460,000 (an increase over the same period last year).


R&D spending was virtually unchanged at $3.5 million, the company said. Still, net loss for the third quarter narrowed to $3.8 million, or $.11 per share, from $4.4 million, or $.14 per share, from the third quarter 2001.


Compugen said it had roughly $59 million in cash, cash equivalents, and short-term investments as of Sept. 30. It had $33.3 million in cash, cash equivalents, and short-term investments as of June 30.


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