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Compugen s Q3 Revenues Slide As Company Refocuses; CEO to Step Down in 2005

NEW YORK, Nov. 1 (GenomeWeb News) - Compugen yesterday reported sliding revenues and increased losses for the third quarter, resulting from the discontinuation of certain products tied to the company's new focus on diagnostics and drug discovery.

In addition, the company's president and CEO, Mor Amitai, said he will step down by the end of next year. Amitai said is stepping down so that Compugen may hire a CEO with "more experience in pharmaceutical product development and commercialization."

 

Compugen booked $1 million in revenues for the quarter ended Sept. 30, down from $2 million during the same period last year.

 

R&D expenses decreased slightly to $2.8 million, from $3.1 million during the same quarter in 2003.

 

The company's net loss widened to $3.6 million, or $.13 per share, from $3.2 million, or $.12 per share, during the year-ago quarter.

 

"These results reflect the implementation of the company's previously announced decision to focus on diagnostic and therapeutic discovery and related intellectual property based commercialized and alliances," Compugen said in a statement.

 

As of Sept. 30, Compugen had $25 million in cash, cash equivalents, short-term cash deposits, and short-term marketable securities.

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