NEW YORK (GenomeWeb News) – Compugen today reported a 23 percent increase in its fourth-quarter loss and "insignificant" revenues of $11,000 for the three-month period ended Dec. 31.
The Tel Aviv, Israel-based computational biology firm said that its revenues declined from $90,000 for the fourth quarter of 2007.
Compugen hopes to drive revenue growth through "the next, and perhaps most important stage of our commercial development" by signing "broader, more strategic types of collaborations, in comparison to the largely product candidate specific agreements we have signed to date," said President and CEO Martin Gerstel.
Compugen's net loss for the quarter was $3.8 million, or $.13 per share, compared with a net loss of $3.1 million, or $.11 per share, for the fourth quarter of 2007.
The firm's R&D spending declined 11 percent year over year to $2.5 million from $2.8 million, while its SG&A spending increased 18 percent to $1.3 million from $1.1 million.
For full-year 2008, Compugen brought in revenues of $338,000, versus $180,000 in 2007. Its net loss for the year increased around 3 percent to $12.5 million, or $.44 per share, from $12.1 million, or $.43 per share.
Its R&D expenses decreased around 4 percent to $9.3 million from $9.7 million, and its SG&A spending increased roughly 5 percent to $4.5 million from $4.3 million.
Compugen finished the year with $7.2 million in cash, cash equivalents, short-term deposits, and marketable securities. The firm noted that it had previously projected net cash requirements of less than $8 million to support its operations through 2009.