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Compugen Cuts Q1 Loss Despite No Revenues

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Compugen today reported that it generated no revenues for the first quarter of 2011, compared to $125,000 for the first quarter of 2010.

The Tel Aviv, Israel-based firm, which makes computational biology tools and is developing therapeutics, reported a net loss of $1.9 million, or $.06 per share, for the three-month period ended March 31. For Q1 2010, its net loss was $2.7 million, or $.08 per share.

Compugen's R&D spending in the quarter was $1.6 million, flat with the prior year. Its marketing, business development, general and administrative costs were $791,000, compared to $1.2 million for Q1 2010.

Compugen finished the quarter with $25.6 million in cash, cash equivalents, restricted cash, and short-term bank deposits.

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