Drug discovery company Compugen Ltd. (Nasdaq: CGEN; TASE: CGEN) today published its financial report for the third quarter of 2006. The company posted no income for the quarter, compared with $95,000 for the corresponding quarter of 2005 and $205,000 in the first half of 2006.
Compugen posted a loss of $2.5 million, or $0.09 per share, including a non-cash expense of $551,000 for stock option grants, 30% less than the loss per share of $0.13 posted in the corresponding quarter of last year. Compugen lost $9.2 million, or $0.33 per share, in January-September, compared with $10.6 million, or $0.38 per share, in the corresponding period of last year.
The company combines research methods and mathematical, computer science and physics concepts with the life sciences for drug discovery and diagnostics. The company has three operating units: therapeutics, diagnostics and research and discovery. It has 90 employees, after firing a quarter of its staff.
Compugen had $28.5 million in cash at the end of September, after burning $8.3 million since January, within the company’s estimate of $11-13 million for the year as a whole.
Published by Globes [online], Israel business news - www.globes.co.il - on October 25, 2006
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