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Compugen s Q1 Revenues Slide 43 Percent as R&D, Losses Swell

NEW YORK, April 20 (GenomeWeb News) - Compugen today reported an 43-percent drop in revenues and a rising net loss for the first quarter of 2005.


Revenues for the quarter ended March 31 fell to $865,000 from $1.52 million during the same period last year. Around $384,000 of those receipts came from government and other grants.


R&D expenses increased to $3.5 million from $2.9 million during the same quarter in 2004.


The company's net loss for the quarter increased to $3.74 million, or $.13 per share, from $3 million, or $.11 per share, for the same quarter last year.


As of March 31, Compugen had $43.5 million in cash, cash equivalents, and marketable securities, of which $23.78 million are long-term marketable securities.

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