Drug discovery platform developer Compugen Ltd. (Nasdaq: CGEN; TASE: CGEN) posted $125,000 revenue for the first quarter of 2010, compared with zero for the corresponding quarter of 2009.
Compugen increased its R&D spending, its largest expense item, to $1.6 million for the first quarter from $1.4 million for the corresponding quarter. This and other increases in expenses increased the company's operating loss to $2.7 million for the first quarter from $2.1 million for the corresponding quarter, and the net loss to $2.7 million ($0.08 per share) from $2.3 million.
Compugen had $22.9 million in cash at the end of March. This figure does not include 1.15 million shares in crop genetic engineering company Evogene Ltd. (TASE:EVGN).
The company said that its revenue continues to be "insignificant". However, pointing to the development of two new discovery platforms so far in 2010, which increased the company's validated drug and diagnostic discovery platforms to 12, Compugen chairman Martin Gerstel said, "Based on these achievements, we are now substantially increasing our commercialization efforts, focusing primarily on additional product specific agreements and ‘discovery on demand’ collaborations."
Compugen's share price fell 3.1% on Nasdaq yesterday to $4.66, giving a market cap of $153 million. The share fell 3.5% at the opening on the TASE today to NIS 17.20.
Published by Globes [online], Israel business news - www.globes-online.com - on April 28, 2010
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