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Compugen s Q3 Revenues Cross Million Dollar Mark, Losses Widen

NEW YORK, Oct 31 – Compugen said Tuesday its third quarter revenues nearly tripled to $1.43 million from $501,000 in the year ago period, but net losses widened as R&D, sales and marketing, and general and administrative expenses increased.

During the quarter, the company commercially launched its Z3 high-throughput, 2-D proteomics gel and completed the third milestone of its 1998 agreement to provide Warner-Lambert with its LEADS advanced genomic discovery platform, DNA chip design, and Z3 2D gel analysis.   

Compugen also launched its Gencarta platform, which offers access to the company’s annotated genome, transcriptome, and proteome databases.

R&D expenditure rose in the quarter to $2.39 million, from $1.59 million a year ago, sales and marketing outlays increased to $ 639,000 from $274,000, and general and administrative expenses were up to $899,000 from $484,000.

Total third-quarter operating expenses reached $5.71 million, compared with $ 3.14 million in third-quarter 1999.

The company posed an operating loss of $4.92 million, compared with $2.95 million a year ago.

Net losses for the quarter totaled $4.01 million, or 24 cents a share, compared with $2.78 million, or 47 cents a share, in the year ago period. The number of ordinary shares outstanding increased to 16,891,980 million from 5,893,500 million.

At of the end of the quarter, the company had $93.2 million in cash and cash equivalents, following a round of private financing in July and an IPO in August.

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