NEW YORK, April 27 (GenomeWeb News) - Compugen today said that first-quarter revenue declined 58 percent as R&D spending decreased 22 percent and net losses shrank 19 percent.
Total receipts for the three months ended March 31 slipped to $200,000 from $481,000 in the year-ago period. Compugen said the decrease is "in line with [its] evolution to utilizing its scientific know-how and computational biology capabilities for the discovery of potential therapeutic and diagnostic products."
In a statement, Compugen said it has previously said that its "anticipated primary sources of future revenues" are milestone and revenue-sharing payments from licensing and other arrangements "covering the development and marketing of diagnostic and therapeutic products based on the [its] discoveries.
"Compugen anticipates that it will begin to receive such payments from its existing arrangements by the end of this year or early next year, and these revenues are anticipated to increase substantially in the following years as products based on Compugen-discovered molecules progress towards commercialization," the company said in the statement.
R&D spending for the quarter fell to $2.7 million from $3.5 million.
Net losses narrowed to $3 million, or $.11 per share, from $3.7 million, or $.13 per share, year over year.
Compugen said it had around $33.8 million in cash, equivalents, and marketable securities as of March 31.