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Compugen's Q4, FY 2010 Revenues Rise

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Compugen today reported increased revenues for its fourth quarter and fiscal-year 2010 on higher fees and milestones.

The Tel Aviv, Israel-based firm, which has developed in silico drug discovery platforms, reported total revenues of $190,000 for the three-month period ended Dec. 31, 2010, compared to $25,000 for the fourth quarter of 2009.

Its net loss for the quarter was $2 million, or $.06 per share, compared to a net loss of $2 million, or $.07 per share, for Q4 2009.

The firm's R&D spending for the quarter was $1.8 million, around 12 percent higher than the $1.6 million spent in the fourth quarter of 2009, while its marketing, business development, and general and administrative costs were $912,000 versus $598,000.

"[S]ince current revenues result primarily from fees and milestones, our results are, and will continue to be, subject to substantial fluctuations due to timing," Compugen said in a statement.

For full-year 2010, Compugen recorded revenues of $1.1 million, up sharply from $250,000 in FY 2009.

Its net loss for the year was $7.2 million, or $.22 per share, compared to a loss of $3.8 million, or $.13 per share, for 2009. Last year's results included a gain of around $3.6 million from the sale of part of its stake in Evogene.

Compugen's R&D spending for the year was $6.2 million, up 3 percent from $6 million for FY 2009, while its marketing, business development, and general and administrative costs were $3.5 million, up 25 percent from $2.8 million.

Compugen finished the quarter with $21.8 million in cash, cash equivalents and short-term bank deposits, and $684,000 in restricted cash.

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