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No Q2 Revenues for Compugen

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Compugen today reported no revenues for its second quarter, down from $800,000 a year ago.

The company's revenues comprise mainly of research fees and milestone and do not include government grants, which Compugen records as a reduction of R&D costs.

For the three months ended June 30, net loss totaled $2.2 million, or $.06 per share, up 146 percent from a net loss of $896,000, or $.03 per share a year ago.

R&D costs rose 23 percent year over year to $1.6 million from $1.3 million. The increase is due primarily to increased activities in Compugen's Pipeline Program, it said. The $1.6 million figure also does not include $455,000 in government grants it received during the quarter, which compares to $524,000 in government grants from a year ago.

SG&A costs were $2.2 million, up 204 percent from $724,000 a year ago.

Compugen ended the quarter with $23.7 million in cash, cash equivalents, and short-term bank deposits.

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