Compugen Reports First Quarter 2008 Results
14 Mayo 2008 - 6:00AM
Business Wire
Compugen Ltd. (NASDAQ:CGEN) today reported its results for the
first quarter ended March 31, 2008. 锟絋he accelerating rate of
discovery and initial validation of attractive product candidates
in different drug and diagnostic areas reported during recent
months is clearly demonstrating that Compugen has established a
unique, powerful and broadly applicable capability. In parallel and
not surprisingly, we are seeing a substantial increase in interest
in both our existing product candidates and our discovery
capabilities by leading companies in these industries, and were
pleased to add agreements with Merck & Co., Inc., and Roche to
our growing list of collaborations,锟 stated Martin Gerstel,
Compugen锟絪 Chairman. 锟絀n addition to providing the company with
interesting strategic alternatives that we have now begun to
explore, we expect these trends to continue as, during the coming
months, the values and potential of our approach will be more fully
demonstrated through the disclosure of additional discovery
platforms and further evidence of the broad applicability and
continuous improvement with time and usage of our existing nine
'state of the art' predictive biology based platforms,锟 Mr. Gerstel
concluded. Revenues for the first quarter of 2008 were $281,000
compared to none for the first quarter of 2007. The net loss for
the quarter was $2.5 million (including a non-cash expense of
$327,000 related to stock based compensation), or $0.09 per share,
compared with a net loss of $3.1 million (including a non-cash
expenses of $797,000 related to stock based compensation), or $0.11
per share, for the corresponding quarter of 2007. Research and
development expenses of $1.9 million for the first quarter of 2008,
compared to $2.3 million for the first quarter of 2007, remain the
Company锟絪 largest expense, representing approximately 70% of our
total expenses for the periods. These amounts are before the
deduction of governmental and other grants, which totaled $166,000
for the first quarter in 2008, compared with $297,000 for the
corresponding quarter in 2007. Other assets as shown in the
Company锟絪 consolidated balance sheets increased from $1.9 million
as of December 31, 2007 to $4.2 million as of March 31, 2008. This
increase was substantially due to the Company锟絪 holding in Evogene
Ltd. As of March 31, 2008, Compugen had $14.8 million in cash, cash
equivalents, deposits and marketable securities, a decrease of $2.3
million from December 31, 2007. Conference Call and Web Cast
Information To access the conference call, please dial
1-888-407-2553 from the US or +972-3-918-0620 internationally. The
call will also be available via live webcast through Compugen锟絪
Website, located at www.cgen.com. A replay of the conference call
will be available approximately two hours after the completion of
the live conference call. To access the replay, please dial
1-877-456-0009 from the US or +972-3锟925-5938. The replay will be
available until 12 noon EDT on May 17, 2008. About Compugen
Compugen锟絪 mission is to be the world leader in the discovery and
licensing of product candidates to the drug and diagnostic
industries under milestone and revenue sharing agreements. The
Company锟絪 increasing inventory of powerful and proprietary
discovery platforms is enabling the predictive discovery 锟 field
after field 锟 of numerous therapeutic and diagnostic product
candidates. These discovery platforms are based on the Company锟絪
decade-long focus on the predictive understanding of important
biological phenomena at the molecular level. Compugen锟絪 current
collaborations include Biosite, Medarex, Inc., Merck & Co.,
Inc., Ortho-Clinical Diagnostics (a Johnson & Johnson company),
Roche, Siemens Healthcare Diagnostics, Inc., and Teva
Pharmaceutical Industries. In 2002, Compugen established an
affiliate 锟 Evogene Ltd. (TASE:EVGN.TA) 锟 to utilize the Company锟絪
in-silico predictive discovery capabilities in the agricultural
biotechnology field. For additional information, please visit
Compugen's corporate Website at www.cgen.com and Evogene锟絪
corporate Website at www.evogene.com. This press release may
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
include words such as 锟絤ay锟, 锟絜xpects锟, 锟絘nticipates锟, 锟絙elieves锟,
and 锟絠ntends锟, and describe opinions about future events. These
forward-looking statements involve known and unknown risks and
uncertainties that may cause the actual results, performance or
achievements of Compugen to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Some of these risks are: changes in
relationships with collaborators; the impact of competitive
products and technological changes; risks relating to the
development of new products; and the ability to implement
technological improvements. These and other factors are identified
and more fully explained under the heading "Risk Factors" in
Compugen's annual reports filed with the Securities and Exchange
Commission. COMPUGEN LTD. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (U.S. dollars in thousands, except for share and
per-share amounts) 锟 锟 Three Months Ended March 31, 2008 Unaudited
锟 2007 Unaudited Revenues 281 - 锟 Cost and Expenses Cost of
revenues 7 - Research and development expenses 1,931 2,339 Less:
governmental and other grants (166 ) (297 ) Research and
development expenses, net 1,765 2,042 Sales and marketing expenses
308 594 General and administrative expenses 814 553 Total operating
expenses (1) 2,887 3,189 锟 Operating loss (2,613 ) (3,189 )
Financing income, net 102 276 Other income, net 16 9 Loss before
taxes on income (2,495 ) (2,904 ) Taxes on income - - Loss from
continuing operations (2,495 ) (2,904 ) Income (Loss) from
discontinued operations - (203 ) Net loss (2,495 ) (3,107 ) Basic
and diluted net loss per ordinary share from continuing operation
(0.09 ) (0.10 ) Basic and diluted loss per ordinary share from
discontinuing operation - (0.01 ) Basic and diluted net loss per
ordinary share (0.09 ) (0.11 ) Weighted average number of ordinary
shares outstanding 28,349,291 28,198,634 锟 (1) Includes stock based
compensation COMPUGEN LTD. CONDENSED CONSOLIDATED BALANCE SHEETS
DATA (U.S. dollars, in thousands) 锟 锟 March 31, 2008 Unaudited 锟
December 31, 2007 Audited 锟 ASSETS Current assets Cash, cash
equivalents, short term deposits and marketable securities 14,831
15,082 Cash held in favor of other consortium partners 64 118 Trade
receivables 12 40 Receivables and prepaid expenses 836 950 Assets
related to discontinued operation 52 54 Total current assets 15,795
16,244 锟 Long-term investments Long term deposits and marketable
securities - 2,080 Other assets 4,196 1,925 Property and equipment,
net 1,312 1,417 Total assets 21,303 21,666 锟 LIABILITIES AND
SHAREHOLDERS锟 EQUITY Current liabilities Accounts payable and
accrued expenses 2,268 2,741 Deferred revenues 110 150 Liabilities
related to discontinued operations - 4 Total current liabilities
2,378 2,895 锟 Long-term liabilities Accrued severance pay 1,761
1,486 Other long-term liabilities 20 - Total long-term liabilities
1,781 1,486 锟 锟 Total shareholders锟 equity 17,144 17,285 Total
liabilities and shareholders锟 equity 21,303 21,666
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