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Compugen Says Q2 Revenue Declines 92 Percent as Loss Grows 9 Percent

NEW YORK (GenomeWeb News) – Compugen today said that total revenues for the three months ended June 30 decreased more than 92 percent to $5,000 from $70,000.
 
Compugen reported a 74-percent decline in government grants to $105,000, from $404,000 year over year. Compugen said total revenues were “as anticipated.”
 
In the past, Compugen said it expects future revenues to come from milestones and revenue-sharing payments from licensing and other arrangements, and that it expects to begin receiving such payments by the end of this year or early next year
 
Net loss widened 9 percent to $3.6 million, or $.13 per share, from $3.3 million, or $.12 per share, year over year, the company said
 
R&D costs remained flat at $3 million for the quarter.
 
Compugen had $30.4 million in cash and cash equivalents as of June 30.