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Compugen s Q2 Revenues Fall by Half; Grants Comprise Brunt of Top-Line Growth

NEW YORK, July 27 (GenomeWeb News) - Compugen today said that second-quarter revenues fell by more than half as R&D spending and net losses remained flat.


Total receipts for the three months ended June 30 fell to $474,000 from $984,000 year over year.  Around $70,000 of the receipts during the current period was actual revenue, with the remainder, around $474,000, coming from "government and other grants," the company said.


Second-quarter R&D spending remained flat at around $3 million, Compugen said.


Net loss for the quarter was also flat at around $3.3 million, or $.12 per share.


Compugen said it had around $19.8 million in cash, equivalents, short-term cash deposits, and marketable securities as of June 30.

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