Compugen Reports Steep Cut in Revenues, Stable Loss for Q4

NEW YORK, Feb. 4 (GenomeWeb News) - Compugen's revenues were cut in half, while its net loss and R&D expenses stayed stable during the fourth quarter of 2003, the company reported today.

Revenues for the quarter were $1.4 million, down from $2.7 million during the same period last year.

Compugen's R&D expenses totaled $3.3 million, slightly below last year's of $3.6 million.

The company's net loss for the quarter amounted to $3.5 million, or $.13 per share, compared to a net loss of $3.2 million, or $.12 per share, for the previous year.

As of Dec. 31, Compugen had $60.5 million in cash, cash equivalents, and marketable securities.

Compugen, based in Tel Aviv, Israel, said it is currently looking for additional financing. For 2004, the company expects to have a burn rate of $15-17 million, and revenues of $5 million, reflecting a discontinuation of certain products as Compugen focuses on developing drugs.