NEW YORK (GenomeWeb News) — Compugen yesterday reported it earned no revenues for the second quarter of 2007, while R&D spending was down 15 percent and net loss was cut 11 percent.
The company reported $5,000 in revenue for the second quarter of 2006. .
Compugen said R&D spending in the quarter dipped to $2.3 million from $2.7 million year over year.
Net loss was lowered slightly to $3.2 million from $3.6 million over the same quarter last year.
As of June 30, Compugen had $18.8 million in cash, cash equivalents, deposits, and marketable securities.
Compugen CEO Alex Kotzer said the company saw “significant progress” in “product candidate development, negotiations for new licensing agreements, new engine creation and discovery validation.”
Kotzer said Compugen is focused on developing a “discovery engine” targeted at identifying existing drug molecules that have “important, but currently unknown, therapeutic indications.”