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Compugen Reports First Quarter 2011 Financial Results

Stocks in this article: CGEN

Compugen Ltd. ( NASDAQ: CGEN) today reported financial results for the first quarter ending March 31, 2011.

Dr. Anat Cohen-Dayag, president and CEO, stated, "Compugen continues to advance its Pipeline Program, targeting the development of superior therapeutic products for important unmet medical needs. As previously disclosed, although our underlying predictive discovery infrastructure is broadly applicable for biological therapeutics and molecular diagnostics, our current focus is on monoclonal antibody ("mAb"), protein and peptide therapeutics in the fields of oncology and immunology, including both autoimmune and inflammatory conditions. Currently, there are more than 30 candidates at various stages of evaluation. In addition to our efforts in advancing this early stage therapeutic pipeline, we continue to undertake additional candidate discovery programs to both increase the number of candidates in the Pipeline and replace those that fail. And, to maintain our leadership position in predictive discovery, our research team continues to enhance our unique discovery infrastructure through the development of additional algorithms and platforms."

Martin Gerstel, Compugen’s chairman, added, "As exemplified in our recent press release describing our broad capabilities in the discovery of superior targets for mAb therapy in cancer, and as illustrated by our existing Pipeline Program to be reviewed in today's webcast, we are finding that the ability to systematically address unmet medical needs through the combined utilization of a number of distinct, but mutually supporting methodologies, all of which are predictive based, is proving to be a major competitive advantage for our Company."

As previously stated, our quarterly results are, and will continue to be, subject to substantial fluctuations. No revenues were recorded for the first quarter of 2011 compared with $125,000 for the first quarter of 2010.

The net loss for the most recent quarter was $1.9 million (including a non-cash expense of $379,000 related to stock based compensation), or $0.06 per share, compared with a net loss of $2.7 million (including a non-cash expense of $911,000 related to stock based compensation), or $0.08 per share, for the corresponding quarter of 2010.

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