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Compugen's Q2 Revenues Rise on Collaboration Fees

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Compugen today reported that its second-quarter revenues increased to $800,000 from $225,000, which the firm attributed to initial fees and research revenues from certain collaborations.

The Tel Aviv, Israel-based drug discovery informatics and drug development firm posted a net loss of $896,000, or $.03 per share, for the three-month period ended June 30, compared to a profit of $2.4 million, or $.08 per share for Q2 2009.

The prior-year period included a $3.6 million gain from the sale of 1 million shares of Evogene stock. Following that sale, Compugen holds 1.15 million shares of Evogene.

Compugen's R&D expenses for the quarter declined to $815,000 from $1.1 million year over year, while its SG&A spending increased to $724,000 from $622,000.

The firm finished the quarter with $21.1 million in cash, cash equivalents, and short-term bank deposits.

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