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Compugen Said Q4 Revenues Sank 60 Percent as Net Losses Swelled 20 Percent

NEW YORK, Feb. 8 (GenomeWeb News) - Compugen today reported a 60-percent decline in fourth-quarter revenues and a 20-percent jump in net losses.

 

The Israel-biotech company said revenues for the three months ended Dec. 31, 2004, sank to $552,000 from $1.4 million in revenues for the same period in 2003.

 

Compugen attributed its slide for both the fourth quarter and fiscal year 2004 to the discontinuation of certain products tied to the company's new focus on diagnostics and drug discovery.

 

R&D spending in the quarter inched up to $3.5 million from $3.3 million year over year.

 

Compugen said fourth-quarter net losses widened to $3.7 million from $3.5 million in the year-ago period.

 

As of Dec. 31, 2004, Compugen had $48.4 million in cash, cash equivalents, and marketable securities.

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