NEW YORK, April 30 - Compugen said Monday its first-quarter net revenues increased to $2.2 million for the quarter, compared with $859,000 in the year-ago period as the Tel Aviv-based company posted growing sales for its proteomics technology and Gencarta database.
“We are very pleased with our financial results as we continue to significantly expand the company's R&D efforts and commercial operations,” Martin Gerstel, chairman of Compugen's board, said in a statement.
Notable sources of revenue for the quarter included an agreement with Avalon pharmaceuticals to license the company's newly launched Gencarta transcriptome and proteome database as well as new customers for the company's enhanced Z3 proteomics analysis system.
The company's expenses increased to $7 million in the quarter, compared with $5 million for first-quarter 2000. This included $3.5 million in R&D expenses and $2.5 million in sales, general, and administrative expenses.
Compugen net losses narrowed to $3.6 million, or 14 cents per share, compared to net losses of $4 million, or 63 cents per shared, but failed to meet Wall Street's expectations. According to a poll of two brokers conducted by First Call/Thomson Financial, analysts expected net losses of 13 cents a share.
As of March 31, the company had cash and cash equivalents of $77.8 million, down from $90.7 million in December 31.