Drug discovery platform developer Compugen Ltd. (Nasdaq: CGEN; TASE: CGEN) almost quadrupled its revenue to $800,000 for the second quarter of 2010 from $225,000 for the corresponding quarter of 2009 thanks to the recognition of initial fees and research revenues from collaborative ventures.
Compugen posted a net loss of $896,000 ($0.03 per share) for the second quarter, compared with a net profit of $2.4 million for the corresponding quarter, which was due to the sale of Evogene Ltd. (TASE:EVGN) shares.
Compugen's largest expense is R&D, which totaled $1.3 million for the second quarter. The company also received $524,000 in government and other grants for R&D.
Compugen had $21.1 million in cash and cash equivalents down from $23.4 million at the end of 2009. The company estimates it cash burn rate at $5 million a year.
Compugen president and CEO Dr. Anat Cohen-Dayag noted the study results of an animal trial of its CGEN-15001 molecule for multiple sclerosis, which she said clearly indicate that this molecule could provide significant benefits to relapsing-remitting multiple sclerosis patients.
Compugen's share price rose 1.8% on Nasdaq yesterday to $3.93, giving a market cap of $129 million, and rose 0.6% by mid-afternoon on the TASE today to NIS 15.05.
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2010
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