Tuesday October 31, 8:20 am Eastern Time
Press Release
Compugen Ltd Reports Results for Third Quarter 2000
JAMESBURG, N.J.--(BUSINESS WIRE)--Oct. 31, 2000--Compugen Ltd. (NASDAQ:CGEN - news) today announced financial results for the third quarter ended September 30, 2000.
Revenues for the third quarter were $1.43 million compared with $501,000 for the third quarter of 1999. The third quarter resulted in a net loss of $4.01 million, or $0.24 per basic and diluted share, compared with a net loss of $2.78 million, or $0.47 per basic and diluted share, for the corresponding quarter in 1999.
Revenues for the first nine months ended September 30, 2000, were $3.56 million compared with $2.14 million for the comparable period in 1999. Net loss for the first nine months of 2000 was $11.87 million, or $1.20 per basic and diluted share, compared with a net loss of $6.24 million, or $1.06 per basic and diluted share, for the corresponding period in 1999.
During the third quarter Compugen completed a private financing and an initial public offering lead managed by Robertson Stephens. As of September 30, the company had cash and cash equivalents of $93.2 million.
Third quarter highlights include:
Initial products for proteomics - Compugen commercially launched Z3, a high throughput 2D gel electrophoresis analysis system utilizing proprietary registration algorithms to improve the accuracy and automate the alignment of two gel results. 2D gels are an essential element of proteomics research.
Pfizer Milestone - Compugen completed the third milestone included in its multi-year collaboration with Pfizer Global Research and Development providing Pfizer with LEADS advanced genomic discovery platform, DNA chip design, and Z3 2D gel analysis.
Gencarta Availability - The company announced that Gencarta, a comprehensive platform providing access to Compugen's LEADS proprietary annotated genome, transcriptome and proteome databases, would be commercially available for corporate installation at high throughput laboratories in the first quarter of 2001.
Forward\226Looking Statements
This press release contains ``forward-looking statements.'' These statements include words like ``may,'' ``expects,'' ``believes,'' and ``intends,'' and describe opinions about future events. These forward-looking statements are subject to risks and uncertainties that may cause the actual results, performance or achievements of Compugen to be materially difference 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; the ability to implement technological improvements; the ability of Compugen to obtain and retain customers. These and other factors are identified and more fully explained under the heading ``Risk Factors'' in Compugen's Registration Statement on Form F-1 filed with the Securities and Exchange Commission.
About Compugen
Compugen (www.cgen.com) is a pioneer in the field of computational genomics and is developing new approaches to computational proteomics. Compugen combines the disciplines of mathematics and computer science with molecular biology to develop products and services that enable life scientists to significantly enhance and accelerate their research efforts in the discovery of drugs, therapeutics, diagnostics and agricultural products. Customers for Compugen products and services include pharmaceutical, biotechnology and other life science organizations such as Amgen, Human Genome Sciences, Inc., Merck, Monsanto, Pfizer and the U.S. Patent and Trademark Office. In addition, Compugen provides these products and services to molecular biologists and other life scientists through its LabOnWeb.com Web site. Compugen is also commercializing the genes and proteins that it discovers through its Novel Genomics division. |
