Bioinformatics company Compugen (Nasdaq:CGEN) today reported a net loss of $2.8 million, or 11 cents per share, compared with losing $4 million in the parallel quarter of 2001.
Revenues for the quarter were $2.8 million including $472,000 from research and development grants, Compugen said, compared to $2.9 million for the second quarter of 2001 including $130,000 from R&D grants.
For the first half, revenues rose to $5.6 million from $5.2 million in the parallel period of 2001. The company lost a net $6 million, or 23 cents per share, against losing $7.5 million or 29 cents per share in the corresponding six months of 2001.
Compugen continued to progress in each of our three commercialization channels, said its CEO, Mor Amitai. He said there is rising interest in the company's " OligoLibraries" collections of oligonucleotide chains used in gene-expression experiments, which Compugen developed together with Sigma-Genosys.
R&D expenses for the first six months of 2002 were $6.5 million, compared to $7.3 million for the same period in 2001.
On July 22 Compugen announced an extension to its collaboration with Pfizer, which is using the Israeli company's LEADS a computational biology platform for drug discovery and gel analysis software packages for protein analysis.