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Compugen Reports Second Quarter 2011 Financial Results

Compugen Ltd. (NASDAQ: CGEN) today reported its results for the second quarter ending June 30, 2011.

Dr. Anat Cohen-Dayag, Compugen’s president and CEO, stated, “As previously disclosed, Compugen is focusing its discovery and development efforts towards unmet medical needs in the fields of oncology and immunology. With respect to our heightened commercialization efforts in these fields of focus, it is clear that the validation results we are obtaining for our recently discovered product candidates in areas of high industry interest and potential, such as the B7/CD28 family molecules, has led to a substantial increase in industry recognition of our Company. Therefore, we were pleased to see progress during the past quarter with respect to certain ongoing discussions as well as initiation of new discussions covering both current product candidates and discovery capabilities.”

Dr. Cohen-Dayag continued, “A third area where significant progress was made this past quarter relates to some very promising past discoveries, both therapeutic and diagnostic, that are outside our current area of focus, having been made during the development and validation activities for our predictive platforms. During the past quarter we entered into discussions with various organizations to advance certain of these earlier discoveries, largely without the need for further Compugen financial resources.”

As previously stated, since current revenues result primarily from research fees and milestones, quarterly results are, and will continue to be, subject to substantial fluctuations due to timing. No revenues were recorded for either the second quarter of 2011 or the six months ending June 30, 2011, compared with $800,000 and $925,000 for the same respective periods in 2010. Reported revenues for all periods do not include amounts received from governmental grants, which are accounted for by Compugen as a reduction of research and development expenses, and not as revenues.

Total operating expenses for the second quarter of 2011 were $3.4 million, including a non-cash expense of $1.7 million related to stock based compensation, compared with $1.5 million, including a non-cash expense of $412,000 related to stock based compensation for the second quarter of 2010. Included in the non-cash expense of $1.7 million for the second quarter of 2011 was a $1.3 million one-time charge to general and administrative expenses, relating to an extension of the time to exercise certain previously outstanding and vested options.

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