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Compugen, Wrapping Up Evolution, Reports Zero Q4 Revenues

NEW YORK, Feb. 9 (GenomeWeb News) - Compugen said today that it had no revenues in the fourth quarter and reported an 8-percent decrease in net losses for the quarter.


"During 2005 we completed our evolution from a company providing life science software products and services on a fee basis, to a company that discovers and licenses potential therapeutic and diagnostic products to leading partners under milestone and revenue sharing agreements," stated Alex Kotzer, Compugen's president and CEO


The company said net loss for the period was $3.4 million (including a non-cash charge of $78,000 for amortization of deferred compensation), or $0.12 per share, compared with a net loss of $3.7 million (including a non-cash charge of $155,000 for amortization of deferred compensation), or $0.14 per share, for the corresponding quarter in 2004.


Compugen said R&D spending for the quarter slid to $2.3 million from $3.1 million a year ago.


The company had about $36.8 million in cash and cash equivalents as of Dec. 31.

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