Compugen Reports Third Quarter 2005 Financial Results; Alex Kotzer Assumes President and CEO Position.TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. -- Compugen Compugen refers to at least two different companies:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CGEN CGEN Convective Sigmet Generation ) today reported financial results for the third quarter ended September September: see month. 30, 2005. As previously announced, effective September 1, 2005, Alex (language) Alex - 1. A polymorphic language being developed by Stephen Crawley <sxc@itd.dtso.oz.au> of Defence Science & Tech Org, Australia. Alex has abstract data types, type inference and inheritance. 2. "I am delighted to join Compugen at this point in time as the company focuses on developing and commercializing its many potential biomarkers and therapeutic proteins. These potential products are resulting from our pioneering research efforts in predictable methods of discovery," stated Mr. Kotzer. Martin Gerstel, Compugen's Chairman added, "Alex brings to Compugen many years of relevant experience and a proven track record in managing biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. operations in his previous positions at Serono Serono is a biotechnology company headquartered in Geneva, Switzerland. The company was founded in 1906 in Italy. A key step in its development was the discovery of a method of extracting urinary gonadotropins by Dr Piero Donini allowing the company to become a leader in the and InterPharm. His background makes him ideal to lead Compugen as we move forward with the development and commercialization of our diagnostic and therapeutic product candidates as well as to continue to advance our predictive research capabilities and the unique discovery engines based on these capabilities." Revenues and governmental and other grants for the third quarter of 2005 were $761,000 (including $666,000 from governmental and other grants), compared to $971,000 (including $326,000 from governmental and other grants) for the third quarter of 2004. The net loss for the quarter was $3.6 million (including a non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) of $332,000 for amortization of deferred compensation), or $0.13 per share, compared with a net loss of $3.6 million (including a non-cash expense of $231,000 for amortization of deferred compensation), or $0.13 per share, for the corresponding quarter of 2004. Revenues and governmental and other grants for the nine months ended September 30, 2005 were $2.1 million (including $1.5 million from governmental and other grants), compared to $3.5 million for the same period in 2004 (including $1 million from governmental and other grants). The net loss for the first nine months of 2005 was $10.6 million (including a non-cash expense of $313,000 for amortization of deferred compensation), or $0.38 per share, compared with a net loss of $10.0 million (including a non-cash expense of $600,000 for amortization of deferred compensation), or $0.36 per share, for the same period in 2004. As of September 30, 2005, Compugen had $38 million in cash, cash equivalents, and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , a decrease of $3 million from June June: see month. 30, 2005. Conference Call and Web Cast Information Compugen will hold a conference call to discuss its third quarter results on November 2nd, 2005 at 10:00 AM EST EST electroshock therapy. EST abbr. electroshock therapy . To access the conference call, please dial 1-866-860-9642 from the US or +972-3-918-0610 internationally. A replay of the conference call will also be available approximately two hours after the completion of the live conference call. To access the replay, please dial 1-866-276-1485 from the US or +972-3-925-5901. The replay will be available until 12 noon EST on November 4th, 2005. The call will also be available via live Web cast through Compugen's Website, located at www.cgen.com. About Compugen Compugen is a drug and diagnostic discovery company incorporating ideas and methods from mathematics, computer science, and physics into biology, chemistry, and medicine. The Company's powerful predictive models and discovery engines are both advancing the understanding of important biological phenomena and enabling the discovery of numerous potential therapeutic products and diagnostic markers. The Company has an early stage in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. pipeline consisting of selected therapeutic protein candidates discovered by the Company; additional discoveries have been out-licensed for development. Among Compugen's customers and partners are leading pharmaceutical and diagnostic companies, such as Abbott Laboratories Abbott Laboratories (NYSE: ABT) is a diversified pharmaceuticals and health care company. It has over 65,000 employees and operates in 130 countries. The corporate headquarters are in Abbott Park, Illinois, a neighborhood of North Chicago, Illinois. , Diagnostic Products Corporation, Novartis, and Ortho-Clinical Diagnostics Ortho Clinical Diagnostics is a Johnson & Johnson company. It was created following Johnson and Johnson's acquiring of Ortho Diagnostic Systems in 1994, which was then merged with Johnson & Johnson Clinical Diagnostics in 1997. , a Johnson & Johnson company. Compugen has established a small-molecule drug discovery affiliate - Keddem Bioscience bioscience /bio·sci·ence/ (-si´ens) the study of biology wherein all the applicable sciences (physics, chemistry, etc.) are applied. bi·o·sci·ence n. See life science. , and an agricultural biotechnology affiliate - Evogene. For additional information, please visit Compugen's corporate Website at www.cgen.com. This press release may contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------------------------
2005 2004 2005 2004
Unaudited Unaudited Unaudited Unaudited
--------------------------------------------
Revenues 95 645 646 2,471
Governmental and other
grants 666 326 1,454 1,004
Total revenues and grants 761 971 2,100 3,475
Cost and Expenses
Cost of revenues 72 292 148 1,018
Research and development
expenses 2,974 2,762 9,547 8,570
Sales and marketing
expenses 417 644 1,324 2,063
General and administrative
expenses 731 812 2,039 2,374
Amortization of deferred
compensation 332 231 313 600
Total operating expenses 4,526 4,741 13,371 14,625
Operating loss (3,765) (3,770) (11,271) (11,150)
Financing income, net 160 245 472 1,075
Other income 52 57 168 250
Capital loss - (154) - (154)
Net loss (3,553) (3,622) (10,631) (9,979)
Basic and diluted net loss
per ordinary share (0.13) (0.13) (0.38) (0.36)
Weighted average number of
ordinary shares
outstanding 27,779,670 27,547,239 27,770,852 27,401,795
COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
(U.S. dollars, in thousands)
September 30, December 31,
2005 2004
Unaudited Audited
--------------------------
ASSETS
Current assets
Cash, cash equivalents, short-term cash
deposits, and marketable securities 29,954 20,574
Receivables and prepaid expenses 788 1,545
Total current assets 30,742 22,119
Long-term investments
Marketable securities 8,097 27,854
Other assets 1,682 1,641
Property and equipment, net 3,465 3,739
Total assets 43,986 55,353
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses 2,049 3,107
Deferred revenues 200 276
Total current liabilities 2,249 3,383
Long-term liabilities
Accrued severance pay 1,797 1,878
Other long-term liabilities 60 60
Excess of losses over investment in Evogene 466 466
Total long-term liabilities 2,323 2,404
Total shareholders' equity 39,414 49,566
Total liabilities and shareholders' equity 43,986 55,353
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