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CORRECTED: Compugen Posts Q1 Revenue Increase

This story has been corrected from a previous version that misstated the company's cash holdings.

 

SAN FRANCISCO, April 24 - Compugen on Wednesday posted increased revenues and a decreased loss for the first quarter 2002.

 

For the three months ended March 31, the company reported revenues of $2.8 million, compared with $2.2 million in the same period one year ago.

 

Compugen also said that net losses decreased to $3.2 million, or $.12 a share in the first quarter of 2002, compared with $3.6 million, or $.14 a share one year ago. R&D spending decreased roughly $100,000 year-over-year to approximately $3.4 million.

 

Compugen said it has $73.6 million in cash, cash equivalents, and short and long term cash deposits and corporate bonds, down from $78.5 million as of December 31, 2001.