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Compugen Q3 Loss Rises on R&D Expenses

NEW YORK (GenomeWeb News) – Compugen today reported no revenues for its third quarter, the same as in the year-ago period.

For the three months ended Sept. 30, the firm posted a net loss of $3.6 million, or $.10 per share, compared to a net loss of $1.6 million, or $.05 per share, a year ago.

The bigger loss year over year was the result of increased R&D spending, and exchange rate changes, the company said. Compugen also took a non-cash charge of $587,000 during the quarter related to stock-based compensation.

Its R&D costs grew to $2.1 million, a 75 percent increase from $1.2 million during the third quarter of 2010, and reflecting an uptick in activities related to the manufacturing of molecules and payments to independent investigators "with respect to evaluation studies of product candidates in the company's pipeline program, and a decrease in amounts received from government grants," which Compugen records as a reduction in R&D expenses.

The firm's SG&A costs for the quarter totaled $995,000, up 43 percent from $698,000 a year ago.

The company finished the quarter with $21.7 million in cash, cash equivalents, and short-term bank deposits.

In a statement, Anat Cohen-Dayag, president and CEO of Compugen, said that the company is currently "aggressively" advancing its pipeline program, which consists of more than 30 therapeutic candidates, and improving and expanding its "cutting edge" science and predictive models.

The company also is involved in discussions with a number of potential licensees and collaborators, Cohen-Dayag said.

On the commercialization front, recent business development efforts have been on "potential arrangements" for a number of the company's therapeutic and diagnostic discoveries not in its main areas of focus.

"These past discoveries were made in large part during validation activities for our various discovery platforms, and our intent is to have them further developed without the use of additional Compugen resources, but with us sharing in any future revenues," Cohen-Dayag said. "We are now beginning to shift these business development efforts to certain pipeline program candidates as they move forward in preclinical-related activities, and to discovery on demand type collaborations."

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